SCHEDULE 6 Control of Business Transfers
Financial Services Act 2012 (2012 c 21) | Legislation

SCHEDULE 6 Control of Business Transfers

Section 22

1

Part 7 of FSMA 2000 is amended as follows.

2

Before section 104 insert—

“103A Meaning of “the appropriate regulatorâ€

(1)     In this Part “the appropriate regulator†means—

(a)     in relation to a scheme in respect of which the authorised person concerned is a PRA-authorised person, the PRA;

(b)     in any other case, the FCA.

(2)     In this Part, “the authorised person concernedâ€â€”

(a)     in the case of an insurance business transfer scheme, is to be read in accordance with section 105(2);

(b)     in the case of a banking business transfer scheme, is to be read in accordance with section 106(2);

(c)     in the case of a reclaim fund business transfer scheme, means the reclaim fund to whose business the scheme relates.â€

3

(1)     Section 109 (scheme reports) is amended as follows.

(2)     For “Authorityâ€, in each place, substitute “appropriate regulatorâ€.

(3)     After subsection (3) insert—

“(4)     Where the appropriate regulator is the PRA, it must consult the FCA before—

(a)     nominating or approving a person under subsection (2)(b), or

(b)     approving a form under subsection (3).

(5)     Subsection

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