Law changes to help building societies comply with their rules

Temporary legislation to help building societies manage the impacts of COVID-19 restrictions

The Government has reinstated the temporary compliance relief measures contained in the COVID-19 Response (Requirements For Entities—Modifications and Exemptions) Act 2020, which expired earlier this year.

The temporary legislation takes effect from 3 November 2021 and allows building societies affected by COVID-19 restrictions to make certain changes to their constitutions or rules and to carry out certain tasks electronically. It also enables the Registrar to grant exemptions from compliance obligations, where appropriate.

You’re able to make use of these temporary provisions up until 30 April 2022.

If you do decide to make use of one of the relief measures, there are a few things you’ll need to do. Read our help guides for full details.