# The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009, Article 5: Specific exemptions in respect of authorised building societies


(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”).
(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.
(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.
(4) For the purposes of this article “capital”, in relation to an authorised building society, consists of the following—
(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
(b) the general reserves of that society.

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Source: https://www.legislation.gov.uk/uksi/2009/774/article/5 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-controllers-exemption-order-2009/article-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.