{
  "url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-order-1995/article-4",
  "json_url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-order-1995/article-4.json",
  "legislation": "uksi/1995/1188",
  "legislation_title": "The Building Societies (Designation of Qualifying Bodies) Order 1995",
  "legislation_url": "https://openlegislation.uk/building-societies-designation-of-qualifying-bodies-order-1995",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Amendment of earlier Orders",
  "text": "(1) The Building Societies (Designation of Qualifying Bodies) Order 1993 shall be amended—\n(a) in paragraph 1 of Part II of Schedule 1 (meaning of “specified type of body corporate”) by the insertion after sub-paragraph (a) of the following sub-paragraph—\n“(aa) a company or industrial and provident society,”;\n(b) by the substitution for paragraph 4(2)(b) of that Part of that Schedule (which currently restricts a funding body from carrying on a deposit-taking business in the United Kingdom) of the words “it carries on the business of trading in derivatives”; and\n(c) by the substitution for paragraph 6 of that Part of that Schedule (definitions) of the following—\n“Other definitions\n6 In this Schedule—\n“market maker” means—\n(a) in relation to the United Kingdom, a person who—\n(i) holds himself out at all normal times in compliance with the rules of the Stock Exchange as willing to buy and sell securities of a particular kind at a price specified by him, and\n(ii) is recognised as doing so by the Council of the Stock Exchange; or\n(b) in relation to any country or territory outside the United Kingdom, a person who holds himself out at all normal times as willing to buy and sell at a price specified by him securities of a particular kind which are traded on any exchange in that country or territory;\n“the Stock Exchange” means The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited; and\n“trading in derivatives” means trading as principal in any investment of a description falling within one or more of paragraphs 4 (instruments entitling to shares or securities), 7 (options), 8 (futures) and 9 (contracts for differences) of Part I of Schedule 1 to the Financial Services Act 1986.”.\n(2) The Building Societies (Designation of Qualifying Bodies) (No. 3) Order 1993 shall be amended—\n(a) in column 4 of item 9 of Part I of the Schedule (purposes for which investment and support of a lending body is permitted) by the insertion of the words “and to accept deposits” after the words “this item”;\n(b) by the substitution for paragraph 6(2)(b) of Part II of the Schedule (which currently restricts designated bodies from carrying on a deposit-taking business in the United Kingdom) of the words “it carries on the business of trading in derivatives”; and\n(c) in paragraph 14 of the Schedule—\n(i) by the deletion of the definitions of “investment” and “market maker in securities of a particular kind”;\n(ii) by the substitution for the definition of “market maker” of the following—\n““market maker” means—\n(a) in relation to the United Kingdom, a person who—\n(i) holds himself out at all normal times in compliance with the rules of the Stock Exchange as willing to buy and sell securities of a particular kind at a price specified by him, and\n(ii) is recognised as doing so by the Council of the Stock Exchange; or\n(b) in relation to any country or territory outside the United Kingdom, a person who holds himself out at all normal times as willing to buy and sell at a price specified by him securities of a particular kind which are traded on any exchange in that country or territory.”;\n(iii) by the insertion after the definition of “relevant investment business” of the following definition—\n““the Stock Exchange” means The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited;”; and\n(iv) by the insertion after the definition of “subsidiary” and “subsidiary undertaking” of the following further definition—\n““trading in derivatives” means trading as principal in any investment of a description falling within one or more of paragraphs 4 (instruments entitling to shares or securities), 7 (options), 8 (futures) and 9 (contracts for differences) of Part I of Schedule 1 to the Financial Services Act 1986.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1993/985, amended by S.I.s 1993/2706 and 1994/2457."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1986 c. 41, Part I of Schedule 1 was amended by S.I.s 1988/496, 1990/349 and 1991/1104."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "S.I. 1993/2706, amended by S.I. 1994/2457."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/1188/article/4",
    "retrieved_at": "2026-10-29T13:10:13.341282+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}