BUILDING SOCIETIES Citation and commencement 1 This Order may be cited as the Building Societies (Designation of Prescribed Regulatory Authorities) Order 1988 and shall come into force on 20th April 1988. Interpretation 2 In this Order, except where the context otherwise requires— “ the Act ” means the Building Societies Act 1986, “the Board” means the body known as The Securities and Investments Board which is a designated agency for the purposes of, and a transferee body for the purposes of Schedule 11 (friendly societies) to, the Financial Services Act 1986 , “recognised self-regulating organisation” has the meaning which it bears for the purposes of the Financial Services Act 1986, and “recognised self-regulating organisation for friendly societies” has the meaning which it bears for the purposes of Schedule 11 to the Financial Services Act 1986. Prescribed regulatory authorities 3 1 The Board is designated for the purposes of section 53(8) of the Act (which deals with disclosure of information to public and other authorities) as a prescribed regulatory authority. 2 Bodies which for the time being are recognised self-regulating organisations are designated for the purposes referred to in paragraph (1) above as prescribed regulatory authorities. 3 Bodies which for the time being are recognised self-regulating organisations for friendly societies are designated for the purposes referred to in paragraph (1) above as prescribed regulatory authorities. Prescribed functions 4 The functions of prescribed regulatory authorities which are specified as prescribed functions for the purposes of section 53(8) of the Act are— a in the case of the Board, its functions under the Financial Services Act 1986, b in the case of a body which is a recognised self-regulating organisation, its functions as such, and c in the case of a body which is a recognised self-regulating organisation for friendly societies, its functions as such. Prescribed circumstances 5 1 The circumstances in which information may, by virtue of section 53(8) of the Act, be disclosed to a prescribed regulatory authority are circumstances where it is in the opinion of the Commission desirable or expedient that the information should be disclosed with a view to— a facilitating the discharge by the Commission of any of its functions under the Act, or b facilitating the discharge by the prescribed regulatory authority of its functions specified as prescribed functions in article 4 above. 2 The circumstances in which information may, by virtue of section 53(8) of the Act and subject to the consent of the Commission under that subsection, be further disclosed by a prescribed regulatory authority are circumstances where it is in the opinion of the prescribed regulatory authority desirable or expedient that the information should be further disclosed with a view to enabling or assisting it to discharge its functions specified as prescribed functions in article 4 above. In witness whereof the common seal of the Building Societies Commission is hereunto affixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 24th March 1988. Mrs P. H. Gevers Secretary to the Commission We consent to this Order Mark Lennox-Boyd Peter Lloyd Two of the Lords Commissioners of Her Majesty’s Treasury 25th March 1988