# The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018, Regulation 6: Schedule 2: Establishment, incorporation and constitution of building societies


In Schedule 2, in paragraph 23—
(a) for sub-paragraph (5B), substitute—
“(5B) For the purposes of sub-paragraph (5A), a relevant resolution is a resolution to approve an increase in the maximum ratio between the fixed and variable components of remuneration as permitted by—
(a) rule 15.10 of the Remuneration Part of the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000, or
(b) rule 19D.3.49 of the Senior Management Arrangements, Systems and Controls sourcebook made by the Financial Conduct Authority under that Act,
where the member referred to would be directly affected by the increase.”;
(b) after sub-paragraph (5B), insert—
“(5BA) For the purposes of sub-paragraph (5B), references to rules made by the Prudential Regulation Authority or the Financial Conduct Authority are to those rules as they have effect on exit day.”
(c) omit sub-paragraph (5C).

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111171554/regulation/6 (the official version)
Page: https://openlegislation.uk/draft-building-societies-legislation-amendment-eu-exit-regulations-2018/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.