Paragraph 35

(1)

Section 90D^f1 (notice of preliminary steps) is amended as follows.

(2)

In subsection (5), for “Authority has” substitute “FCA and, if the society is a PRA-authorised person, the PRA have”.

(3)

In subsection (7)(b)(i), for “Authority” substitute “PRA”.

(4)

In subsection (10)—

(a)

after “Where” insert “the society is a PRA-authorised person and”; and

(b)

for “Authority”, in each place, substitute “PRA”.

(5)

After subsection (10), insert—

“(11)
Where the society is not a PRA-authorised person and the FCA receives notice under Condition 1—

(a)
the FCA shall inform the Bank of England, and

(b)
if the Bank of England decides to apply for a building society insolvency order or to exercise a stabilisation power under Part 1 of the Banking Act 2009, the Bank shall inform the person who gave the notice, within the period in Condition 3(a).”.

(6)

In the heading, for “Authority” substitute “FCA and the PRA”.

Annotations

Footnotes

f1: Section 90D was inserted by S.I. 2009/805.