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The Friendly Societies (Activities of a Subsidiary) (No. 2) Order 1998
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- 1998 No. 2696
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order varies Schedule 7 to the Friendly Societies Act 1992 (which relates to the activities which may be carried on by a subsidiary of, or a body jointly controlled by, an incorporated friendly society). The establishment and management of investment companies with variable capital, provided for in paragraph 13, is extended so as to include investment companies falling within the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997. A new activity is added at paragraph 15, namely arranging for the provision of banking services (as defined) by United Kingdom and other European banks and providing services in pursuance of such arrangements, sometimes known as “agency banking”. Paragraph 10 (dealing with the provision of administrative services) is extended to apply to a body whose business consists of an activity falling within the new paragraph 15.
Subsidiaries which carry on these activities may be required to be authorised under the appropriate legislation.
Compliance cost assessment
This Order will not impose any new burdens on business, and accordingly no compliance cost assessment has been prepared.
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