FINANCIAL SERVICES AND MARKETS PART I General Citation 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commencement 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interpretation 3 1 In this Order— “the 2000 Act ” means the Financial Services and Markets Act 2000, “assistant registrar” means an assistant registrar of friendly societies for the central registration area, “the assistant registrar for Scotland” means the assistant registrar of friendly societies for Scotland, “ the Board ” means the Building Societies Investor Protection Board, “building society” has the same meaning as in the Building Societies Act 1986 , “the central office” means the central office of the registry of friendly societies, “the central registration area” means the area defined by section 4(1)(a) of the Friendly Societies Act 1974 (as it had effect immediately before its repeal by the 2000 Act ), “the Chief Registrar ” means the Chief Registrar of friendly societies, “commencement” means the beginning of the day on which section 19 of the 2000 Act comes into force, “enactment” includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978 , and “the last period” means the period beginning with 1st April 2001 and ending at commencement. 2 In this Order, “transferred function” means any function transferred by article 4 and, in relation to any transferred function, “transferor” means the person from whom the function is transferred and “transferee” means the person to whom it is transferred. 3 In this Order, unless the context otherwise requires, any reference to an article by number alone is a reference to the article so numbered in this Order. PART II Transferred functions Transfer of functions 4 1 The functions— a of the Chief Registrar , the assistant registrar for Scotland, the assistant registrars and the central office listed in Part I of Schedule 1 to this Order, b of the Friendly Societies Commission listed in Part II of Schedule 1 to this Order, and c of the Building Societies Commission listed in Part III of Schedule 1 to this Order, are transferred to the Treasury. 2 All other functions which, immediately before commencement were functions— a of the Chief Registrar , the assistant registrar for Scotland, the assistant registrars or the central office, b of the Friendly Societies Commission, or c of the Building Societies Commission, are transferred to the Authority, subject to any repeal or amendment made by any provision of this Order or by any other provision of or made under the 2000 Act . 3 Schedule 2 makes provision about the application of the 2000 Act in relation to functions transferred (or to be transferred) to the Authority by paragraph (2) above. 4 For the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 1981 , paragraph (2) above is to be regarded as giving rise to the transfer of an undertaking by virtue of each of sub-paragraphs (a), (b) and (c) of that paragraph, whether or not it would otherwise be so regarded. Consequential and transitional provisions in relation to transferred functions 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Requirements to provide documents etc. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consequential modification of non-statutory provisions 7 1 Where a relevant provision is predicated on the continuing exercise of any transferred function by the transferor, any reference in the provision to the transferor has effect, in relation to any time after commencement, as a reference to the transferee. 2 Paragraph (3) applies where— a a relevant provision contains a requirement for consent to be given by the Building Societies Commission before the repayment by a building society of any sum owed by it, and b the requirement was included in the relevant provision so as to comply with the terms of— i an order made under section 45(5) of the Building Societies Act 1986 as that section had effect before the coming into force of section 21 of the Building Societies Act 1997 , ii an order made under section 119(1) of the Building Societies Act 1986 , or iii guidance issued by the Building Societies Commission pursuant to section 45AA of that Act . 3 Unless the context otherwise requires, the requirement has effect, in relation to any time after commencement, as a requirement for consent to be given by the Authority. 4 Paragraph (5) applies where a relevant provision prohibits the payment or crediting of interest on any sum owed by a building society if the board of directors of the society is of the opinion that— a there has been a failure on the part of the society to satisfy a criterion of prudent management, set out in section 45(3) of the Building Societies Act 1986 as it had effect at any time before commencement, relating to the maintenance of adequate reserves and other capital resources, or b there would be such a failure if the interest was paid or credited. 5 Unless the context otherwise requires, any reference in that provision to that criterion has effect, in relation to any time after commencement, as a reference to the condition set out in paragraph 5D of Schedule 6 to the 2000 Act ( business to be conducted in a prudent manner ). 6 “Relevant provision” means a provision which— a is contained in the rules of a building society, friendly society or registered society , or in any other contract, deed or document other than an enactment, and b has effect before, as well as after, commencement, but for the purposes only of paragraph (1) above also includes a provision in any document which is provided to the Authority after commencement pursuant to article 6(2). Anticipatory exercise of powers 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART III Dissolutions The Building Societies Commission 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Friendly Societies Commission 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Building Societies Investor Protection Board 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Chief Registrar, assistant registrar for Scotland, and assistant registrars 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART IV Amendments, repeals etc. Amendments, repeals, transitional provisions and savings 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Anne McGuire Tony McNulty Two of the Lords Commissioners of Her Majesty’s Treasury 18th July 2001