Citation, commencement and extent_I1

1.—(1) These Regulations may be cited as the Official Listing of Securities (Change of Competent Authority) Regulations 1991 and shall come into force on 2nd October 1991.

(2) These Regulations extend to Northern Ireland.

Interpretation_I2

2. In these Regulations—

“the Act” means the Financial Services Act 1986(3);

“the old competent authority” means the Council of The Stock Exchange; and

“the new competent authority” means The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.

Change of competent authority under Part IV of the Act and consequential amendments to that Part_I3

3.—(1) The following amendments shall be made to section 142 of the Act—

(a)in section 142(1), the words “of The Stock Exchange” shall be deleted;

(b)in section 142(6), the words “The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited” shall be substituted for the words “the Council of The Stock Exchange”;

(c)in section 142(7), the words ““the Official List” means the list maintained by the competent authority for the purposes of this Part of this Act” shall be substituted for the words ““the Official List” means the Official List of The Stock Exchange”;

(d)the following shall be substituted for section 142(8)—

“(8)Any functions of the competent authority under this Part of this Act may be exercised by its governing body or by any committee or sub-committee of that body or by any officer or servant of the authority except that listing rules—

(a)shall be made only by the governing body of the authority or by a committee or sub-committee of that body; and

(b)if made by a committee or sub-committee, shall cease to have effect at the end of the period of twenty-eight days beginning with the day on which they are made (but without prejudice to anything done under them) unless before the end of that period they are confirmed by the governing body of the authority.”; and

(e)in section 142(9), the words “the competent authority” shall be substituted for the words “the Council of The Stock Exchange”.

(2) Section 157 of the Act shall be repealed.

Transitional provisions_I4

4.—(1) Rules made by the old competent authority or by any committee or sub-committee of the old competent authority under the powers conferred by Part IV of the Act shall be treated and have effect for all purposes as if made under those powers bythe governing body of the new competent authority or, as the case may be, by a committeeor sub-committee of that governing body.

(2) Anything which, when these Regulations come into force, is in the process of being done by the old competent authority in exercise of functions under Part IV of the Act may be carried on and completed by the new competent authority in accordance with the provisions of Part IV of the Act as amended by these Regulations.

(3) The new competent authority shall be substituted for the old competent authority in all legal proceedings to which the old competent authority is, at the time these regulations come into force, a party in its capacity as competent authority for the purposes of Part IV of the Act.

(4) Investments listed on the Official List of The Stock Exchange at the time these Regulations come into force shall be treated for all purposes as if they were listed on the Official List maintained by the new competent authority for the purposes of Part IV ofthe Act.

(5) References to the Official List of The Stock Exchange in any enactment, including an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978(4), shall have effect as references to the Official List maintained by the new competent authority for the purposes of Part IV of the Act.

Consequential amendments to other enactments_I5

5.—(1) In section 60(8) of the Companies Act 1985(5) (exceptions from rule in section 59), the words “the competent authority for the purposes of Part IV of the Financial ServicesAct 1986” shall be substituted for the words “the Council of The Stock Exchange”.

(2) In the definition of the expression “negotiable bonds” in regulation 1(3) of the Local Authority (Stocks and Bonds) Regulations 1974(6) (title, commencement and interpretation), the words “the competent authority for the purposes of Part IV of the Financial Services Act 1986” shall be substituted for the words “the Council of The Stock Exchange”.

(3) In regulation 6(b) of the Local Authorities (Borrowing) Regulations 1990(7) (redemption of loan instruments), the words “the competent authority for the purposes of Part IV of the Financial Services Act 1986” shall be substituted for the words “the Council of The Stock Exchange”.