The Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002
This Order sets out the transitional provisions relating to the expiry, on 2nd July 2002, of the transitional exemption of credit unions from the general prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (“the Act”) (see article 6 of the Financial Services and Markets Act 2000 (Exemption) Order 2001 (S.I. 2001/1201)). Article 2 provides that all unauthorised credit unions are to be treated, at 2nd July 2002 (“commencement”), as having permission to accept deposits by way of subscription for their shares. Article 3 enables the Authority to require credit unions of a specified description to reapply for permission. If a credit union which falls within a specified description fails to reapply for permission by the date specified in the direction, its permission ceases to have effect. The Authority may impose such a requirement before commencement but the requirement does not have the effect until commencement. Article 4 sets out procedural provisions that relate to the requirement to reapply for permission.