Financial Services and Markets Act 2000 (c. 8)

SCHEDULES

SCHEDULE 12 U.K. Transfer schemes: certificates

Part II U.K. Banking Business Transfer Schemes

7 (1) For the purposes of section 111(2) the appropriate certificates, in relation to a banking business transfer scheme, are— U.K.

(a) a certificate under paragraph 8; and

(b) if sub-paragraph (2) applies, a certificate under paragraph 9.

(2) This sub-paragraph applies if [F1 the transferor concerned] or the transferee is an EEA firm falling within paragraph 5(b) of Schedule 3.

Textual Amendments

F1 Words in Sch. 12 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Certificates as to financial resources U.K.

8 (1) A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources. U.K.

(2) “Relevant authority” means—

[F2 (a) if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA;

(aa) if the transferee is a person with Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person, the FCA;]

(b) if the transferee is an EEA firm falling within paragraph 5(b) of Schedule 3, its home state regulator;

(c) if the transferee does not fall within paragraph (a) [F3 , (aa)] or (b), the authority responsible for the supervision of the transferee’s business in the place in which the transferee has its head office.

(3) In sub-paragraph (2), any reference to a transferee of a particular description of person includes a reference to a transferee who will be of that description if the proposed banking business transfer scheme takes effect.

Textual Amendments

F2 Sch. 12 para. 8(2)(a)(aa) substituted for Sch. 12 para. 8(2)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 16(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3 Word in Sch. 12 para. 8(2)(c) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 16(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Certificates as to consent of home state regulator U.K.

9 U.K. A certificate under this paragraph is one given by the [F4 appropriate regulator] and certifying that the home State regulator of [F1 the transferor concerned] or of the transferee has been notified of the proposed scheme and that—

(a) the home State regulator has responded to the notification; or

(b) the period of three months beginning with the notification has elapsed.

Textual Amendments

F1 Words in Sch. 12 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F4 Words in Sch. 12 para. 9 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 17 (with Sch. 20); S.I. 2013/423, art. 3, Sch.