The Building Societies (Restricted Transactions) (Amendment to the Limit on the Trade in Currencies) Order 2017

Made: 19th December 2017

Laid before Parliament: 20th December 2017

Coming into force: 6th April 2018

The Treasury, in exercise of the powers conferred by section 9A(12)(a) of the Building Societies Act 1986[^f00001], makes the following Order.

Citation and commencement

1

• (1) This Order may be cited as the Building Societies (Restricted Transactions) (Amendment to the Limit on the Trade in Currencies) Order 2017.

• (2) This Order comes into force on 6th April 2018.

Amendment of section 9A of the Building Societies Act 1986

2

In subsection (3)(a) of section 9A of the Building Societies Act 1986 for “£100,000” substitute “£3 million”.

Signed

Mark Spencer — Andrew Griffiths — Two of the Lords Commissioners of Her Majesty’s Treasury — 19th December 2017

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

Section 9A(3)(a) of the Building Societies Act 1986 (c.53) prohibits a building society, or a subsidiary undertaking of a building society, from trading in currencies where the amount or value of the consideration given by the society or undertaking exceeds £100,000. This Order increases that amount or value to £3 million.

A full impact assessment has not been produced for this instrument as no significant impact on the private or voluntary sector is foreseen.

Footnotes

[^f00001]: 1986 c. 53; section 9A was inserted by section 10 of the Building Societies Act 1997 (c. 32).