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5. After subsection (2A) of section 119 of the Building Societies Act (interpretation) there shall be inserted the following subsections—
“(2B) Any reference in this Act to the First Council Directive or the Second Council Directive is a reference to that Directive as amended by the Prudential Supervision Directive (within the meaning of the Financial Institutions (Prudential Supervision) Regulations 1996).
(2C) Any reference in this Act—
(a)to an undertaking being closely linked with any person, or being closely linked with any person by control; or
(b)to an undertaking’s close links with any person,
shall be construed in accordance with regulation 2 of those Regulations.”
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