The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

The Building Societies (Transfer of Business) Regulations 1998 (S.I. 1998/212)

Transfer of business: prescribed matters for transfer statements and transfer notification statements

564.—(1) In paragraph 10 of Part II of Schedule 1 to the Building Societies (Transfer of Business) Regulations 1998 (matters of which particulars are to be included in the case of a transfer to an existing company)—

(a)the existing text becomes sub-paragraph (1);

(b)in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;

(c)after that sub-paragraph insert—

(2) “Relevant permission” means—

(a)such permission under Part 4 of the Financial Services and Markets Act 2000, or

(b)such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),

as will enable the successor company to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act..

(2) In paragraph 4 of Part III of that Schedule (matters of which particulars are to be included in the case of a transfer to a specially formed company)—

(a)the existing text becomes sub-paragraph (1);

(b)in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;

(c)after that sub-paragraph insert—

(2) “Relevant permission” has the meaning given by paragraph 10(2) of Part II of this Schedule..

(3) In paragraph 4 of Schedule 3 to those Regulations (prescribed matters for transfer notification statements)—

(a)the existing text becomes sub-paragraph (1);

(b)in that sub-paragraph for the words from “become” to the end substitute “have relevant permission”;

(c)after that sub-paragraph insert—

(2) “Relevant permission” has the meaning given by paragraph 10(2) of Part II of Schedule 1 to these Regulations..