Valuations and annual returns
C142 Regulations and directions F1. . . relating to valuations.
C21
The F2Treasury may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if for the period of five years specified in subsection (1) of that section there were substituted a period of three years.
C22
The F2Treasury may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if it required the society or branch—
a
to cause its assets and liabilities in respect of any business of a class so specified to be valued under that section and to send to F6the FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report of those assets and liabilities at least once in every three years; and
b
to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of section 41 above relates) to be so valued and to send to F6the FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report on those assets and liabilities at least once in every five years.
F33
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4
Without prejudice to the preceding provisions of this section, if in the opinion of the F7appropriate authority it is expedient in the interests of the members of any particular registered society or branch to do so, F4the F7appropriate authority may direct that, in relation to that society or branch, section 41 above shall have effect—
a
as if for the period of five years specified in subsection (1) of that section there were specified a period of three years; or
b
as if it required that society or branch—
i
to cause its assets and liabilities in respect of any particular business specified in the direction to be valued under that section and to send to the F8FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report on those assets and liabilities at least once in every three years; and
ii
to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of that section relates) to be so valued and to send to the F8FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report on those assets and liabilities at least once in every five years.
5
6
Any power to make regulations under this section may be exercised so as to make different provision in relation to different cases or different circumstances to which the power is applicable.