(1)The Board may make regulations with respect to the exclusion, in relation to investments of persons who are not ordinarily resident in the United Kingdom [F2, or investments of trustees who are not resident in the United Kingdom,] of powers conferred by regulations made by virtue of section 477A(2)(a) or 482(11)(aa) (“audit powers”).
(2)Regulations under subsection (1) above may in particular—
(a)make provision for the exclusion of audit powers in the case of any building society or deposit-taker to be dependent on whether the society or deposit-taker is approved by the Board for the purposes of the regulations and on the scope of that approval;
(b)make provision with respect to the approval of building societies and deposit-takers by the Board for the purposes of the regulations;
(c)make provision with respect to, and with respect to alteration of, the scope of approval by the Board for the purposes of the regulations;
(d)make provision with respect to the termination of approval by the Board for the purposes of the regulations; and
(e)make provision with respect to appeals against decisions of the Board with respect to approval for the purposes of the regulations, including decisions with respect to the scope of such approval.
(3)Regulations under subsection (1) above may—
(a)make different provision for different cases; and
(b)contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.
(4)In this section “deposit-taker” has the meaning given by section 481(2).]
Textual Amendments
F1S. 482A inserted by Finance Act 1991 (c. 31, SIF 63:1), s.75
F2Words in s. 482A(1) inserted (with effect in accordance with s. 86(10) of the amending Act) by Finance Act 1995 (c. 4), s. 86(9) (with s. 86(14))