F1PART 9ARules and Guidance
CHAPTER 2Rules: modification, waiver, contravention and procedural provisions
Procedural provisions
C1C2138KConsultation: 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 the Industrial and Provident Societies Act 1965;
d
an EEA mutual society.
6
An “EEA mutual society” is—
a
a body which is a European Cooperative Society for the purposes of Council Regulation (EC) No 1435/2003 (statute for a European Cooperative Society);
b
a body which is established as a cooperative under the law of an EEA state as mentioned in that Regulation;
c
a body which is a cooperative or mutual undertaking of such description as the Treasury specify by order and which is established or operates in accordance with the laws of an EEA state.
Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.