ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL Revised approach
The enactment of the following regulations ensures that the provisions relating to building societies will be divided between primary and secondary legislation in the same way as for deposit-takers. To achieve this:
	parts of regulations 2, 3, 4 and 11 of the building society regulations are included in Chapter 2 of Part 15 of this Act;
	regulation 10 of the building society regulations is included in Chapter 15 of Part 15 of this Act; and
	regulation 12(1) of the building society regulations is incorporated into section 17 of TMA (see Schedule 1 to this Act).
As a number of the building society regulations are enacted, the wide powers provided in section 477A(1) of ICTA are replaced with specific regulation and order making powers in line with the deposit-taker regime.
This makes it explicit that the two regimes run in parallel (differing only where necessary to reflect the particular status of building societies). It also facilitates the making of any future changes, because any such changes to those building society rules now in primary legislation will be made in a Finance Act (rather than by regulation) alongside parallel changes made to the rules for deposit-takers. Equally, it will no longer be possible to amend those rules by regulations.
This approach is also a prerequisite for Change 127, under which the main provisions of the two regimes are aligned and combined.
In addition the following provisions in regulations are also included in the Act:
	(in section 853) provisions about EEA firms (SI 1992/3234) and dealers in financial instruments (SI 2002/1968);
	(in section 849(4) and Schedule 1 Part 2 (new paragraph 11 of Schedule 2 to FA 2005)) the provisions about “relevant arrangements” in regulation 2(4) and (5) of the building society regulations (SI 1990/2231); and
	(in Schedule 2 Part 15 (deduction by deposit-takers: discretionary or accumulation settlements)) the provisions about deposits made by the trustees of discretionary or accumulation settlements before 6 April 1995 (SI 1995/1370).