The Financial Services Act 2012 (Mutual Societies) Order 2018
1Citation and commencement
2Transfer of functions to the Financial Conduct Authority
3Transitional provisions
SCHEDULE 1Application of the Financial Services and Markets Act 2000 to transferred functions
1Interpretation
2General
3Section 3I (power of PRA to restrain proposed action by...
4The FCA must maintain arrangements designed to enable it to...
5Rules relating to fees
6Guidance
7(1) This paragraph applies where the FCA gives guidance under...
8(1) This paragraph applies where— (a) the FCA gives general...
SCHEDULE 2Amendments of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969
1The Co-operative and Community Benefit Societies Act (Northern Ireland) 1969...
2In the following provisions for “he”, wherever it appears, substitute...
3In section 2 (registration of society)— (a) in subsection (1)(b)...
4In section 7A (capacity of society not limited by its...
5In section 9 (amendment of registered rules), in subsection (3)...
6In section 14 (provision of copies of rules), in subsection...
7In section 15 (cancellation of registration of society)—
8In section 16 (suspension of registration of society)—
9In section 29 (charges on assets of registered societies)—
10In section 38 (obligation to appoint auditors)—
11In section 43C (registrar’s power to require accounts for past...
12In section 44 (remuneration of qualified auditors), in subsection (1)...
13In section 45 (group accounts), in subsection (3) for “registrar...
14In section 53 (register of members and officers), in subsection...
15In section 57 (production of documents and provision of information...
16In section 58 (appointment of inspectors and calling of special...
17In section 59 (amalgamation of societies), in subsection (4) for...
18In section 61 (conversion into, or transfer of engagements to,...
19In section 66A, in subsection (2)(a) for sub-paragraph (ii) substitute—...
20In section 69 (decision of disputes)— (a) in subsection (1)...
21In section 97 (regulations)— (a) in subsection (1) omit paragraphs...
22In section 98 (form, deposit and evidence of documents)—
23After section 98 insert— Form etc of electronic documents (1) A document or information required for the purposes of...
24Omit section 99 (exercise of functions of registrar) and section...
25In section 101(1) (interpretation)— (a) for the definition of “registrar”...
26In section 102 (Great Britain societies)— (a) for subsection (2)...
SCHEDULE 3Amendments of the Credit Unions (Northern Ireland) Order 1985
1The Credit Unions (Northern Ireland) Order 1985 is amended as...
2In the following provisions for “registrar”, wherever it appears, substitute...
3In the following provisions for “he” substitute “the FCA”—
4In Article 2— (a) in paragraph (2)—
5Omit Article 2A (the registrar and assistant registrar).
6In Article 3 omit paragraph (1A).
7In Article 4— (a) in paragraph (1) for “with 2...
8In Article 10, in paragraph (4) for “in the prescribed...
9In Article 31— (a) in paragraph (2)—
10In Article 53 (Duties of receiver or manager of credit...
11In Article 54, in paragraph (4) for “his” substitute “the...
12In Article 57, in paragraphs (1) and (2)—
13In Article 58, in paragraphs (1) and (4) omit “,...
14In Article 60 (Cancellation of registration)— (a) in paragraph (1)—...
15In Article 61 (Suspension of registration)— (a) in paragraph (1)—...
16In Article 62 (Appeals)— (a) in paragraph (1)—
17In Article 63 (Petition for winding up)—
18In Article 65 (Amalgamation of credit unions)—
19In Article 66 (Transfer of engagements between credit unions) for...
20In Article 68 (Dissolution of a credit union), in paragraph...
21In Article 72 (Decision of disputes)— (a) in paragraph (1)...
22Omit Article 78 (regulations and orders).
23Omit Article 79 (fees).
24In Article 80— (a) in paragraph (1) omit “and subject...
25After Article 80 insert— Form etc of electronic documents (1) A document or information required for the purposes of...
26Omit Article 81 (annual reports by registrar).
SCHEDULE 4Amendments in consequence of Schedules 2 and 3
PART 1Consequential amendments of primary legislation
1The Credit Unions Act 1979
2The Co-operative and Community Benefit Societies Act 2014
PART 2Consequential amendments of secondary legislation
3The Statutory Rules (Northern Ireland) Order 1979
4The Insolvency (Northern Ireland) Order 1989
5The Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc.) Regulations 1994
6The Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001
7The Company Directors Disqualification (Northern Ireland) Order 2002
8The Community Benefit Societies (Restriction on Use of Assets) Regulations (Northern Ireland) 2006
9The European Cooperative Society Regulations 2006
10The Overseas Companies Regulations 2009
11The Companies (Disclosure of Date of Birth Information) Regulations 2015
12Revocations

Draft Order laid before Parliament under section 116(1) and (2) of the Financial Services Act 2012, for approval by resolution of each House of Parliament.

2018 No.

Financial Services And Markets

The Financial Services Act 2012 (Mutual Societies) Order 2018

Made

Coming into force

The Treasury make the following Order in exercise of the powers conferred by sections 50(1), (2) and (4), 51, 52, 115(2) and 118 of the Financial Services Act 20121.

A draft of this Order has been laid before Parliament and approved by a resolution of each House of Parliament in accordance with section 116(1) and (2) of the Financial Services Act 2012.