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The Financial Services Act 2012 (Mutual Societies) Order 2013
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- UK Statutory Instruments
- 2013 No. 496
- SCHEDULE 8
- Paragraph 35
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35.—(1) Section 90D(1) (notice of preliminary steps) is amended as follows.U.K.
(2) In subsection (5), for “Authority has” substitute “FCA and, if the society is a PRA-authorised person, the PRA have”.
(3) In subsection (7)(b)(i), for “Authority” substitute “PRA”.
(4) In subsection (10)—
(a)after “Where” insert “the society is a PRA-authorised person and”; and
(b)for “Authority”, in each place, substitute “PRA”.
(5) After subsection (10), insert—
“(11) Where the society is not a PRA-authorised person and the FCA receives notice under Condition 1—
(a)the FCA shall inform the Bank of England, and
(b)if the Bank of England decides to apply for a building society insolvency order or to exercise a stabilisation power under Part 1 of the Banking Act 2009, the Bank shall inform the person who gave the notice, within the period in Condition 3(a).”.
(6) In the heading, for “Authority” substitute “FCA and the PRA”.
Commencement Information
I1Sch. 8 para. 35 in force at 1.4.2013, see art. 1(1)
(1)
Section 90D was inserted by S.I. 2009/805.
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