The Building Societies (Designation of Prescribed Regulatory Authorities) Order 1997

• Citation: S.I. 1997/2302
• Sections: 6

Section 1 Citation and commencement

This Order may be cited as the Building Societies (Designation of Prescribed Regulatory Authorities) Order 1997 and shall come into force on 1st November 1997.

Section 2 Interpretation

In this Order—

“ the Act ” means the Building Societies Act 1986, and

“the Authority” means the Occupational Pensions Regulatory Authority established under section 1 of the Pensions Act 1995.

Section 3 Prescribed regulatory authority

The Authority 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.

Section 4 Prescribed functions

The functions of the Authority which are specified as prescribed functions for the purposes of section 53(8) of the Act are its functions under the Pensions Act 1995.

Section 5 Prescribed circumstances

(1) The circumstances in which information may, by virtue of section 53(8) of the Act, be disclosed to the 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 Authority of any of its functions under the Pensions Act 1995.

(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 the Authority are circumstances where it is in the opinion of the Authority desirable or expedient that the information should be further disclosed with a view to enabling or assisting it to discharge any of its functions under the Pensions Act 1995.

Section 6 Amendment of previous Order

Article 5 of the Building Societies (Designation of Prescribed Regulatory Authorities) Order 1988 shall be amended by the insertion, after the words “a prescribed regulatory authority” in the two places where they occur, of the words “designated by this Order”.