Section 138K

Subsection (2) applies where a regulator proposes to make a rule (“the proposed rule”) which would apply both to— authorised persons which are mutual societies, and other authorised persons. The regulator must prepare a statement setting out— its opinion whether or not the impact of the proposed rule on persons within subsection (1)(a) will be significantly different from its impact on persons within subsection (1)(b), and if so, details of the difference. Subsection (4) applies where a regulator makes a rule which— applies both to— authorised persons which are mutual societies, and other authorised persons, and differs from the draft of the proposed rule published under section 138I(1)(b) or section 138J(1)(b) (as the case may be). The regulator must prepare a statement setting out— its opinion whether or not the impact of the rule is significantly different from the impact of the proposed rule on— the persons within subsection (3)(a)(i), and those persons as compared with persons within subsection (3)(a)(ii), and if so, details of the difference. A “mutual society” is— a building society within the meaning of the Building Societies Act 1986; a friendly society within the meaning of the Friendly Societies Act 1992; a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This section is subject to section 144E(3).

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Source: legislation.gov.uk · retrieved 2026-09-04