Article 564 Transfer of business: prescribed matters for transfer statements and transfer notification statementsI1

United Kingdom

(1)

In paragraph 10 of Part II of Schedule 1 to the Building Societies (Transfer of Business) Regulations 1998 (matters of which particulars are to be included in the case of a transfer to an existing company)—

(a)

the existing text becomes sub-paragraph (1);

(b)

in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;

(c)

after that sub-paragraph insert—

“(2)

“Relevant permission” means—

(a)

such permission under Part 4 of the Financial Services and Markets Act 2000, or

(b)

such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),

as will enable the successor company to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act.”.

(2)

In paragraph 4 of Part III of that Schedule (matters of which particulars are to be included in the case of a transfer to a specially formed company)—

(a)

the existing text becomes sub-paragraph (1);

(b)

in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;

(c)

after that sub-paragraph insert—

“(2)

“Relevant permission” has the meaning given by paragraph 10(2) of Part II of this Schedule.”.

(3)

In paragraph 4 of Schedule 3 to those Regulations (prescribed matters for transfer notification statements)—

(a)

the existing text becomes sub-paragraph (1);

(b)

in that sub-paragraph for the words from “become” to the end substitute “have relevant permission”;

(c)

after that sub-paragraph insert—

“(2)

“Relevant permission” has the meaning given by paragraph 10(2) of Part II of Schedule 1 to these Regulations.”.

Annotations

Commencement

I1: Art. 564 in force at 1.12.2001, see art. 1