SCHEDULE 1 Ring-fencing Transfer Schemes
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

SCHEDULE 1 Ring-fencing Transfer Schemes

Section 6

1

Part 7 of FSMA 2000 (control of business transfer schemes) is amended as follows.

2

For “the authorised person concernedâ€, wherever occurring in Part 7 (including Schedule 12), substitute “the transferor concernedâ€.

3

(1)     Section 103A (meaning of “the appropriate regulatorâ€) is amended as follows.

(2)     In subsection (1), in paragraph (a), for “a scheme†substitute “a ring-fencing transfer scheme or a scheme (other than a ring-fencing transfer scheme)â€.

(3)     At the end of subsection (2) insert—

“(d)     in the case of a ring-fencing transfer scheme, means the body to whose business the scheme relates.â€

4

In section 106 (banking business transfer schemes), at the end of subsection (1)(c) insert “or a ring-fencing transfer schemeâ€.

5

After section 106A insert—

“106B Ring-fencing transfer scheme

(1)     A scheme is a ring-fencing transfer scheme if it—

(a)     is one under which the whole or part of the business carried on—

(i)     by a UK authorised person, or

(ii)     by a qualifying body,

is to be transferred to another body (“the transfereeâ€),

(b)     is to be made for one or more of the purposes mentioned

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for

LEXISNEXIS

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and