The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001

Banking business carried on overseas by building societies before commencementU.K.

23.—(1) A building society which was, immediately before commencement—

(a)authorised or treated as authorised for the purposes of the Building Societies Act; and

(b)carrying on overseas banking business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas banking business.

(2) In this article—

  • “corresponding overseas regulated activities” means regulated activities which—

    (a)

    the society carries on after commencement by virtue of continuing to carry on its overseas banking business; and

    (b)

    the society is regarded as carrying on in the United Kingdom by virtue of section 418;

  • “overseas banking business” means business which constituted raising money from members or accepting deposits for the purposes of section 9 of the Building Societies Act and which it was carrying on in a country or territory outside the United Kingdom without contravening regulation 22 of the 2BCD Regulations.

Commencement Information

I1Art. 23 in force at 1.12.2001, see art. 1(2)(b)