The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018

Schedule 2: Establishment, incorporation and constitution of building societies

6.  In Schedule 2, in paragraph 23—

(a) for sub-paragraph (5B)(1), substitute—

“(5B) For the purposes of sub-paragraph (5A), a relevant resolution is a resolution to approve an increase in the maximum ratio between the fixed and variable components of remuneration as permitted by—

(a) rule 15.10 of the Remuneration Part of the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000(2), or

(b) rule 19D.3.49 of the Senior Management Arrangements, Systems and Controls sourcebook made by the Financial Conduct Authority under that Act(3),

where the member referred to would be directly affected by the increase.”;

(b) after sub-paragraph (5B), insert—

“(5BA) For the purposes of sub-paragraph (5B), references to rules made by the Prudential Regulation Authority or the Financial Conduct Authority are to those rules as they have effect on exit day.”

(c) omit sub-paragraph (5C).

(1)

Sub-paragraphs (5B) and (5C) were inserted by S.I. 2013/3115.

(2)

The Rulebook is available on http://www.prarulebook.co.uk and copies of the rules referred to can be obtained from the Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA, where it is also available for inspection.

(3)

Sourcebooks made by the Financial Conduct Authority are available on https://www.handbook.fca.org.uk/handbook and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where it is also available for inspection.