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

S.I. 2017/1307 · Made 19 December 2017

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Building Societies

Made 19th December 2017

Laid before Parliament 20th December 2017

Coming into force 6th April 2018

The Treasury, in exercise of the powers conferred by section 9A(12)(a) of the Building Societies Act 1986f1, makes the following Order.

Annotations to the whole text

Footnotes

f1

1986 c. 53; section 9A was inserted by section 10 of the Building Societies Act 1997 (c. 32).

Contents

  1. 1Citation and commencement
  2. 2Amendment of section 9A of the Building Societies Act 1986
  3. Signature
  4. Explanatory note

1Citation and commencement

(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.

2Amendment of section 9A of the Building Societies Act 1986

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

Signature

Mark Spencer

Andrew Griffiths

Two of the Lords Commissioners of Her Majesty’s Treasury

19th December 2017

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.