Article 4 The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001
(1)
Subject to paragraph (2), the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001f1 is revoked.
(2)
In that Order—
(a)
articles 3 (interpretation) and 4 (transfers of functions) continue to have effect to the extent necessary for the purposes of article 7 (consequential modifications of non-statutory provisions) of that Order;
(b)
article 7 and paragraphs 5, 7, 11, 12, 21, 22 and 25(a) of Schedule 5 (transitional provisions and savings) continue to have effect;
(c)
in article 7(5)—
(i)
for “4(1)” substitute “5D”;
(ii)
for “adequate resources” substitute “business to be conducted in a prudent manner”.
Annotations
Footnotes
- f1