Financial Services and Markets Act 2000

107 Application for order sanctioning transfer scheme. U.K.

(1) An application may be made to the court for an order sanctioning an insurance business transfer scheme [F1 , a banking business transfer scheme [F2 , a reclaim fund business transfer scheme or a ring-fencing transfer scheme]] .

(2) An application may be made by—

(a) [F3 the transferor concerned];

(b) the transferee; or

(c) both.

[F4 (2A) An application relating to a ring-fencing transfer scheme may be made only with the consent of the PRA.

(2B) In deciding whether to give consent, the PRA must have regard to the scheme report prepared under section 109A in relation to the ring-fencing transfer scheme.]

(3) The application must be made—

(a) if [F3 the transferor concerned] and the transferee are registered or have their head offices in the same jurisdiction, to the court in that jurisdiction;

(b) if [F3 the transferor concerned] and the transferee are registered or have their head offices in different jurisdictions, to the court in either jurisdiction;

(c) if the transferee is not registered in the United Kingdom and does not have his head office there, to the court which has jurisdiction in relation to [F3 the transferor concerned].

(4) “Court” means—

(a) the High Court; or

(b) in Scotland, the Court of Session.

Textual Amendments

F1 Words in s. 107(1) substituted (12.3.2009) by Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1)(2), Sch. 2 para. 3; S.I. 2009/490, art. 2 (with art. 3)

F2 Words in s. 107(1) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 6(2); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F3 Words in Pt. VII 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 S. 107(2A)(2B) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 6(3); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Modifications etc. (not altering text)

C1 S. 107 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)