109AScheme reports: ring-fencing transfer schemes

1

An application under section 106B in respect of a ring-fencing transfer scheme must be accompanied by a report on the terms of the scheme (a “scheme report”).

2

A scheme report may be made only by a person—

a

appearing to the PRA to have the skills necessary to enable the person to make a proper report, and

b

nominated or approved for the purpose by the PRA.

3

A scheme report must be made in a form approved by the PRA.

4

A scheme report must state—

a

whether persons other than the transferor concerned are likely to be adversely affected by the scheme, and

b

if so, whether the adverse effect is likely to be greater than is reasonably necessary in order to achieve whichever of the purposes mentioned in section 106B(3) is relevant.

5

The PRA must consult the FCA before—

a

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

b

approving a form under subsection (3).