F1PART 9ARules and Guidance

CHAPTER 2Rules: modification, waiver, contravention and procedural provisions

Procedural provisions

138KConsultation: mutual societies

(1)

Subsection (2) applies where a regulator proposes to make a rule (“the proposed rule”) which would apply both to—

(a)

authorised persons which are mutual societies, and

(b)

other authorised persons.

(2)

The regulator must prepare a statement setting out—

(a)

its opinion whether or not the impact of the proposed rule on persons within subsection (1)(a) will be significantly different from its impact on persons within subsection (1)(b), and

(b)

if so, details of the difference.

(3)

Subsection (4) applies where a regulator makes a rule which—

(a)

applies both to—

(i)

authorised persons which are mutual societies, and

(ii)

other authorised persons, and

(b)

differs from the draft of the proposed rule published under section 138I(1)(b) or section 138J(1)(b) (as the case may be).

(4)

The regulator must prepare a statement setting out—

(a)

its opinion whether or not the impact of the rule is significantly different from the impact of the proposed rule on—

(i)

the persons within subsection (3)(a)(i), and

(ii)

those persons as compared with persons within subsection (3)(a)(ii), and

(b)

if so, details of the difference.

(5)

A “mutual society” is—

(a)

a building society within the meaning of the Building Societies Act 1986;

(b)

a friendly society within the meaning of the Friendly Societies Act 1992;

(c)

a registered society within the meaning of F2the Co-operative and Community Benefit Societies Act 2014;

F3(d)

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F3(6)

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F4(7)

This section is subject to section 144E(3).