Article 22 Building societies authorised under the Building Societies ActI1

United Kingdom

(1)

A building society which, immediately before commencement, was authorised or treated as authorised for the purposes of the Building Societies Act is to be treated as having, at commencement, a Part IV permission to carry on any regulated activities which, immediately before commencement, it was by reason of that authorisation able to carry on in the United Kingdom without contravening section 9(1) of that Act.

(2)

Where, immediately before commencement, a society’s authorisation has been revoked under section 43 of the Building Societies Act but that revocation has not come into effect by virtue of section 46(3) of that Act^f1—

(a)

paragraph (1) applies to that society as if the authorisation had not been revoked; but

(b)

its permission to carry on the regulated activities referred to in paragraph (1) lapses at the end of the period within which an appeal can be brought against the decision to revoke unless such an appeal is brought within that period.

(3)

Where a date falling after commencement (“the expiry date”) had been fixed for the expiry of the society’s authorisation under section 41(7) of the Building Societies Act^f2, the society’s permission to carry on the regulated activities referred to in paragraph (1) lapses on whichever is the later of—

(a)

the expiry date; or

(b)

the end of the period within which the society can bring an appeal against the decision to refuse authorisation,

but the permission does not so lapse if an appeal is brought within the period mentioned in sub-paragraph (b).

F1(4)

A society having a Part IV permission by virtue of paragraph (1) is also to be treated as having, at commencement, a Part IV permission to carry on any regulated activities which it was able, by virtue of section 2(4) of the Insurance Companies Act, to carry on in the United Kingdom without contravening section 2(1) of that Act and which it was, immediately before commencement, so carrying on.

(5)

A society having a Part IV permission by virtue of paragraph (1) and which was not, immediately before commencement, authorised under the Financial Services Act, is also to be treated as having, at commencement, a Part IV permission to carry on regulated activities—

(a)

of the kind specified by article 14 of the Regulated Activities Order (dealing in investments as principal) in so far as it consists of the society entering into a transaction of the kind mentioned in article 16 of that Order (dealing in contractually based investments); and

(b)

of the kind specified by article 64 of that Order (agreeing to carry on specified kinds of activity) in so far as the activity relates to the activity mentioned in sub-paragraph (a).

Annotations

Textual amendments

F1: Art. 22(4)(5) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2001 (S.I. 2001/3650), arts. 1(a), 9

Commencement

I1: Art. 22 in force at 1.12.2001, see art. 1(2)(b)

Footnotes

f1: Section 46 was substituted by the Building Societies Act 1997, s. 23.
f2: Section 41(7) was amended by S.I. 1996/1669 and sub-paragraphs (a) and (b) were substituted by the Building Societies Act 1997 s. 43 and Sch. 7 para 12(3).