Explanatory note

This Order exempts those who acquire control, an additional kind of control or an increase in a relevant kind of control over authorised building societies (as defined in article 1) from the obligation imposed under Part XII of the Financial Services and Markets Act 2000 to notify the Financial Services Authority of that change of control. The exemptions do not apply if the person is acquiring or increasing holdings of a specified percentage of the capital (as defined in article 1) of such a society. Article 3 exempts those who reduce their control over authorised building societies. The exemptions do not apply if the person is reducing his holding of the capital of such a society by a specified percentage.