SCHEDULES

SCHEDULE 11U.K. Friendly Societies

Part IIIU.K. Registrar’s Powers in Relation to Regulated Friendly Societies

Conduct of investment businessU.K.

[F113B(1)The relevant regulatory authority may on the application of a regulated friendly society—

(a)modify a statement of principle issued under paragraph 13A so as to adapt it to the circumstances of the society or to any particular kind of business carried on by it, or

(b)dispense the society from compliance with any such statement of principle, generally or in relation to any particular kind of business carried on by it.

(2)The powers conferred by this paragraph shall not be exercised unless it appears to the relevant regulatory authority—

(a)that compliance with the statement of principle in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors, and

(b)that the exercise of those powers will not result in any undue risk to investors.

(3)The powers conferred by this paragraph may be exercised unconditionally or subject to conditions; and paragraph 13A(3) applies in the case of failure to comply with a condition as in the case of failure to comply with a statement of principle.

(4)The relevant regulatory authority for the purposes of this paragraph is—

(a)in the case of a member society of a recognised self-regulating organisation for friendly societies, in relation to investment business in the carrying on of which it is subject to the rules of the organisation, that organisation;

(b)in any other case, or in relation to other investment business, [F2the Commission].

(5)The reference in paragraph 4(1) of Schedule 2 as applied by paragraph 4 above (requirements for recognition of self-regulating organisation for friendly societies) to monitoring and enforcement of compliance with statements of principle includes monitoring and enforcement of compliance with conditions imposed by the organisation under this paragraph.]