{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009/article-5",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009/article-5.json",
  "legislation": "uksi/2009/774",
  "legislation_title": "The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009",
  "path": "article/5",
  "kind": "article",
  "number": "5",
  "heading": "Specific exemptions in respect of authorised building societies",
  "text": "(1) This article provides exemptions from the obligations in sections 178 and 191D of the Act in relation to a person (“A”) who decides to acquire, increase, reduce or cease to have control over an authorised building society (“B”).\n(2) Where A decides to acquire or increase control over B, A is exempt from the obligation imposed by section 178 unless giving effect to the decision would result in A beginning to be in the position of holding 20% or more of the capital of B.\n(3) Where A decides to reduce or cease to have control over B, A is exempt from the obligation imposed by section 191D unless giving effect to the decision would result in A ceasing to be in the position of holding 20% or more of the capital of B.\n(4) For the purposes of this article “capital”, in relation to an authorised building society, consists of the following—\n(a) any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986 which have been issued by that society; and\n(b) the general reserves of that society.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "See the Building Societies (Deferred Shares) Order 1991(S.I. 1991/701)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/774/article/5",
    "retrieved_at": "2026-10-29T03:14:20.587363+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}