31 Transformer vehicles
Bank of England and Financial Services Act 2016 (2016 c 14) | Legislation

Transformer vehicles

31  Transformer vehicles

(1)     The Financial Services and Markets Act 2000 is amended as follows.

(2)     After Part 17 insert—

“Part 17A
Transformer Vehicles
284A Transformer vehicles

(1)     In this section “transformer vehicle” means an undertaking (“A”) which—

(a)     is established for the purposes of carrying on the activities mentioned in subsection (2), or

(b)     carries on those activities.

(2)     The activities referred to in subsection (1) are—

(a)     assuming risk from another undertaking (“B”), and

(b)     fully funding A's exposure to that risk by issuing investments where the repayment rights of the investors are subordinated to A's obligations to B in respect of the risk.

(3)     The Treasury may by regulations make provision for facilitating, and provision for regulating—

(a)     the establishment and operation of transformer vehicles;

(b)     the activities mentioned in subsection (2);

(c)     the trading of investments issued by transformer vehicles.

(4)     Regulations under subsection (3) may (amongst other things) make provision—

(a)     for the incorporation and registration in the United Kingdom of bodies corporate;

(b)     for a body incorporated

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