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Statutory Instruments

2001 No. 2638

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2001

Made

19th July 2001

Laid before Parliament

20th July 2001

Coming into force

in accordance with article 1

The Treasury, in exercise of the powers conferred on them by sections 192(a) and 428(3) of the Financial Services and Markets Act 2000( 1 ) (“the Act”), hereby make the following Order:

Citation and commencement

1. This Order may be cited as the Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.

Friendly societies

2. —(1) In any case where a person (“the acquirer”)—

(a) proposes to take, in relation to a relevant friendly society, such a step as is mentioned in section 178(1) of the Act, or

(b) acquires control, an additional kind of control or an increase in a relevant kind of control (in each case, within the meaning of Part XII of the Act) over a relevant friendly society without himself taking any such step,

the acquirer is exempt from any obligation imposed by section 178 of the Act to notify the Authority of his proposal or acquisition.

(2) In any case where a controller of a relevant friendly society—

(a) proposes to take, in relation to that relevant friendly society, such a step as is mentioned in section 190(1) of the Act, or

(b) ceases to have or reduces a relevant kind of control (within the meaning of Part XII of the Act) over that relevant friendly society without himself taking any such step,

the controller is exempt from any obligation imposed by section 190 of the Act to notify the Authority.

(3) In this article, “relevant friendly society” means any UK authorised person (within the meaning of Part XII of the Act) who is a friendly society to which neither subsection (2) nor (3) of section 37 of the Friendly Societies Act 1992 ( 2 ) applies.

Tony McNulty

Graham Stringer

Two of the Lords Commissioners of Her Majesty’s Treasury

19th July 2001

( 1 )

2000 c. 8 .

( 2 )

1992 c. 40 . There are amendments to section 37 that are not relevant to this Order.

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2001 (2001/2638)
Version from: original only

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Status of this instrument

in force Provision is in force
in force* In force only for specified purposes (see footnote)
not in force Not in force in England (may be in force in other geographies, see footnotes)
defined term Defined term
dfn Defined term (alternative style)
footnote commentary transitional and savings in force status related provisions geo extent insert/omit source count in force adj
Defined Term Section/Article ID Scope of Application
relevant friendly society art. 2. def_4981366b27
the acquirer art. 2. def_a02ea4faa1
the Act Preamble def_1ddecc56c5

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