The Financial Services Act 2012 (Mutual Societies) Order 2013

56.—(1) Schedule 15(1) (amalgamations, transfers of engagements and conversion: supplementary) is amended as follows. U.K.

(2) In paragraphs 1, 2, 3 and 4, for “Authority”, in each place, substitute “appropriate authority”.

(3) Insert after paragraph 2(2)—

“(3) The PRA must consult the FCA before approving a statement under sub-paragraph (2).”.

(4) After paragraph 4, insert—

“4ZA.   The PRA must consult the FCA before approving a statement under paragraph 4.”.

(5) In the heading of Part 2, for “Authority” substitute “appropriate authority”.

(6) In paragraph 5—

(a) in sub-paragraphs (1), (3), and (5) for “Authority”, in each place, substitute “appropriate authority”;

(b) after sub-paragraph (5), insert—

“(5A) The PRA must send the FCA a copy of any direction, variation or revocation it makes under this paragraph.”;

(c) in sub-paragraph (6), —

(i) for “Authority” substitute “appropriate authority”; and

(ii) for “it shall” substitute “the FCA must”; and

(d) in sub-paragraph (8)—

(i) for “Authority” substitute “FCA”; and

(ii) omit “by it”.

(7) In paragraphs 6 and 7, for “Authority”, in each place, substitute “appropriate authority”.

(8) In the cross-heading above paragraph 8, for “Authority” substitute “appropriate authority”.

(9) In paragraphs 8 to 10, for “Authority”, in each place, substitute “appropriate authority”.

(10) In paragraph 11—

(a) for “Authority” substitute “appropriate authority”; and

(b) for “Part IV” substitute “Part 4A”.

(11) After paragraph 11, insert—

“11A.— (1) The PRA must consult the FCA before confirming an amalgamation, transfer of engagements or a conversion.

(2) The PRA must notify the FCA if it makes any such confirmation.”.

(12) In paragraph 12, for “Authority” substitute “appropriate authority”.

(13) In paragraph 13—

(a) for “Authority”, in each place, substitute “appropriate authority”; and

(b) for “Authority under section 138”, in each place, substitute “appropriate authority under Part 9A”.

(14) In paragraph 15—

(a) in sub-paragraph (1)(v), for “Part IV” substitute “Part 4A”, and

(b) for “Authority”, in each place, substitute “appropriate authority”.

(15) In paragraph 15A, for “Authority”, in each place, substitute “appropriate authority”.

(16) In paragraphs 16A and 16B, for “Commission”, in each place, substitute “appropriate authority”.

Commencement Information

I1 Sch. 9 para. 56 in force at 1.4.2013, see art. 1(1)

(1)

Schedule 15 was amended by S.I. 2001/2617, S.I. 2001/3679 and S.I. 2011/593. There are other amending instruments, but none is relevant.