Paragraph 113 The Community Benefit Societies (Restriction on Use of Assets) Regulations 2006I1

in regulation 2 (interpretation), in the definition of “the Authority”, for “Financial Services Authority” substitute “Financial Conduct Authority”;

for regulation 8 substitute—

“Conditions for exercise of enforcement measures

8.

In deciding whether and how to exercise the powers conferred by regulations 9, 10 and 11, the Authority—

(a)

must adopt an approach which is based on the principle that those powers should be exercised only to the extent necessary to maintain confidence in community benefit societies; and

(b)

if the society in relation to which the exercise of powers is being considered is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000), must consult the Prudential Regulation Authority.”.