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The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009
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- UK Statutory Instruments
- 2009 No. 774
- Article 5
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Specific exemptions in respect of authorised building societies
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5.—(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act in relation to a person (“A”) who decides to acquire, increase, reduce or cease to have control over an authorised building society (“B”).
(2) Where A decides to acquire or increase control over B, A is exempt from the obligation imposed by section 178 unless giving effect to the decision would result in A beginning to be in the position of holding 20% or more of the capital of B.
(3) Where A decides to reduce or cease to have control over B, A is exempt from the obligation imposed by section 191D unless giving effect to the decision would result in A ceasing to be in the position of holding 20% or more of the capital of B.
(4) For the purposes of this article “capital”, in relation to an authorised building society, consists of the following—
(a)any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986(1) which have been issued by that society; and
(b)the general reserves of that society.
(1)
See the Building Societies (Deferred Shares) Order 1991(S.I. 1991/701).
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