Paragraph 15

(1)

Section 23^f1 (conversion of company into credit union) is amended as follows.

(2)

In subsection (3)—

(a)

in the opening words, for “Authority” substitute “FCA”; and

(b)

in paragraph (b), omit “made by the Authority under the 2000 Act”.

(3)

After subsection (3), insert—

“(4)
In subsection (3), “applicable rules” are—

(a)
if the credit union is a PRA-authorised person, rules made by the PRA or the FCA under the 2000 Act; and

(b)
if the credit union is not a PRA-authorised person, rules made by the FCA under the 2000 Act.”.

Annotations

Footnotes

f1: Section 23 was amended by S.I. 2001/2617 and S.I. 2002/1501.