Financial Services Act 1986 (repealed)
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Change 1
49 Financial resources rules.
(1) The Secretary of State may make rules requiring— (a) a person authorised to carry on investment business by virtue of section 25 or 31 above, or (b) a member of a recognised self-regulating organisation carrying on investment business in the carrying on of which he is subject to the rules of the organisation, to have and maintain in respect of that business such financial resources as are required by the rules. (2) Without prejudice to the generality of subsection (1) above, rules under this section may— (a) impose requirements which are absolute or which are to vary from time to time by reference to such factors as are specified in or determined in accordance with the rules; (b) impose requirements which take account of any business (whether or not investment business) carried on by the person concerned in conjunction with or in addition to the business mentioned in subsection (1) above; (c) make provision as to the assets, liabilities and other matters to be taken into account in determining a person’s financial resources for the purposes of the rules and the extent to which and the manner in which they are to be taken into account for that purpose. (3) Section 63A below (application of designated rules) has effect as regards the application of rules under this section to members of recognised self-regulating organisations in respect of investment business in the carrying on of which they are subject to the rules of the organisation.
49 Financial resources rules.
(1) The Secretary of State may make rules requiring— (a) a person authorised to carry on investment business by virtue of section 25 or 31 above, or (b) a member of a recognised self-regulating organisation carrying on investment business in the carrying on of which he is subject to the rules of the organisation, to have and maintain in respect of that business such financial resources as are required by the rules. (2) Without prejudice to the generality of subsection (1) above, rules under this section may— (a) impose requirements which are absolute or which are to vary from time to time by reference to such factors as are specified in or determined in accordance with the rules; (b) impose requirements which take account of any business (whether or not investment business) carried on by the person concerned in conjunction with or in addition to the business mentioned in subsection (1) above; (c) make provision as to the assets, liabilities and other matters to be taken into account in determining a person’s financial resources for the purposes of the rules and the extent to which and the manner in which they are to be taken into account for that purpose. (3) Section 63A below (application of designated rules) has effect as regards the application of rules under this section to members of recognised self-regulating organisations in respect of investment business in the carrying on of which they are subject to the rules of the organisation.
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