2017 No. 1307

Building Societies

The Building Societies (Restricted Transactions) (Amendment to the Limit on the Trade in Currencies) Order 2017

Made

Laid before Parliament

Coming into force

The Treasury, in exercise of the powers conferred by section 9A(12)(a) of the Building Societies Act 19861, makes the following Order.

Citation and commencement1

1

This Order may be cited as the Building Societies (Restricted Transactions) (Amendment to the Limit on the Trade in Currencies) Order 2017.

2

This Order comes into force on 6th April 2018.

Amendment of section 9A of the Building Societies Act 19862

In subsection (3)(a) of section 9A of the Building Societies Act 1986 for “£100,000” substitute “£3 million”.

Mark SpencerAndrew GriffithsTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Order)

Section 9A(3)(a) of the Building Societies Act 1986 (c.53) prohibits a building society, or a subsidiary undertaking of a building society, from trading in currencies where the amount or value of the consideration given by the society or undertaking exceeds £100,000. This Order increases that amount or value to £3 million.

A full impact assessment has not been produced for this instrument as no significant impact on the private or voluntary sector is foreseen.