More detail is now out to add to the July 2013 HMT Consultn IPS 07-09.13 document on Changes to IPS Law. The plan, you will recall, is to increase the limit on withdrawable share capital, apply insolvency rescue procedures to societies, protect the register of members from vexatious applications for information, and beef up the FCA’s investigation powers.
Now these three draft Statutory Instruments have been issued by HM Treasury to anyone who had asked for them. They are the planned legal instruments to bring about three of the changes dealt with in the July 2013 Consultation:
Copy of mutuals register order draft of 7 Aug 2013
Share Capital Increase SI final draft
Copy of Investigations Regulations draft 7 Aug 2013
Comments on the drafting of these SI’s are welcome before the end of August (earlier than the Consultation deadline of 20th September) and should be sent to [email protected]
The SI to implement the insolvency rescue procedures won’t be out in draft form until September.
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