The Financial Services Act 2012 (Mutual Societies) Order 2018

Interpretation

1.  In this Schedule—

(a) a reference to a numbered section or Schedule is a reference to that section of, or Schedule to, FSMA 2000;

(b) “the legislation relating to mutual societies in Northern Ireland” means—

(i) the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969(1); and

(ii) the Credit Unions (Northern Ireland) Order 1985(2).

(c) “mutuals expenditure” means expenditure incurred by the FCA—

(i) in carrying out functions which are conferred by the legislation relating to mutual societies in Northern Ireland or are otherwise exercisable by virtue of this Order;

(ii) for any purpose incidental to, or in connection with, the carrying out of such functions (including expenditure incurred before 6th April 2018 in preparation for the assumption of those functions).

(1)

1969 c. 24. This citation is given by the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), section 8(2), which comes into force on the same date as this Order by virtue of S.R (N.I) 2017 No. 217. The previous citation was the Industrial and Provident Societies Act (Northern Ireland) 1969.

(2)

S.I 1985/1205 (N.I. 12), as amended by the Friendly Societies Act 1992 (c. 40) and by S.I. 2011/2832 and 2013/496. There are other amendments, but they are not relevant.