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.”.