Financial Services Act 2012

Section 22

SCHEDULE 6 U.K. Control of business transfers

1 U.K. Part 7 of FSMA 2000 is amended as follows.

Commencement Information

I1 Sch. 6 para. 1 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

2 U.K. Before section 104 insert—

“103A Meaning of “the appropriate regulator”

(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 concerned”—

(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.”

Commencement Information

I2 Sch. 6 para. 2 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

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

(2) For “Authority”, in each place, substitute “ appropriate regulator ”.

(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 (6) applies where the appropriate regulator is the FCA and either—

(a) the transferee is a PRA-authorised person, or

(b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

(6) The FCA must consult the PRA before—

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

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

Commencement Information

I3 Sch. 6 para. 3 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

4 (1) Section 110 (right to participate in proceedings) is amended as follows. U.K.

(2) The existing provision becomes subsection (1).

(3) For paragraph (a) of that subsection substitute—

“(a) the FCA,

(aa) in the case of a scheme falling within subsection (2), the PRA, and”.

(4) After that subsection insert—

“(2) A scheme falls within this subsection if—

(a) the authorised person concerned or the transferee is a PRA-authorised person, or

(b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.”

Commencement Information

I4 Sch. 6 para. 4 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

5 U.K. In section 112 (effect of order sanctioning business transfer scheme), in subsections (10) and (11), for “Authority” substitute “ appropriate regulator ”.

Commencement Information

I5 Sch. 6 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

6 U.K. After section 112 insert—

“112ZA Duty of regulator to provide copy of order

(1) Where the PRA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the FCA.

(2) Where the FCA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the PRA if the order relates to a scheme in respect of which—

(a) the transferee is a PRA-authorised person, or

(b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.”

Commencement Information

I6 Sch. 6 para. 6 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

7 (1) Section 113 (appointment of actuary) is amended as follows. U.K.

(2) In subsection (2)—

(a) for “the Authority”, in the first place, substitute “ either regulator ”, and

(b) for “Authority”, in the second place, substitute “ regulator which made the application ”.

(3) After that subsection insert—

“(3) An application under subsection (2) may be made by the PRA only if—

(a) the authorised person concerned or the transferee is a PRA-authorised person, or

(b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.”

Commencement Information

I7 Sch. 6 para. 7 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

8 U.K. In section 115 (certificates for purposes of insurance business transfers overseas), for “Authority” substitute “ appropriate regulator ”.

Commencement Information

I8 Sch. 6 para. 8 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

9 U.K. Schedule 12 to FSMA (transfer schemes: certificates) is amended as follows.

Commencement Information

I9 Sch. 6 para. 9 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

10 U.K. In paragraph 1, for “the Authority”, in each place, substitute “ the appropriate regulator ”.

Commencement Information

I10 Sch. 6 para. 10 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

11 (1) Paragraph 2 is amended as follows. U.K.

(2) In the following places, for “Authority” substitute “ appropriate regulator ”

(a) sub-paragraph (1)(b);

(b) in the first place in sub-paragraph (3).

(3) In sub-paragraph (3), after “transferred” insert “ certification ”.

(4) In sub-paragraph (6)(c), for “, the Authority” substitute “—

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

(ii) the FCA, if the transferee is a person with a Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person.”

Commencement Information

I11 Sch. 6 para. 11 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

12 U.K. In paragraph 3, for “Authority” substitute “ appropriate regulator ”.

Commencement Information

I12 Sch. 6 para. 12 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

13 U.K. In paragraph 4, for “Authority”, in the first place, substitute “ appropriate regulator ”.

Commencement Information

I13 Sch. 6 para. 13 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

14 U.K. In paragraph 5, for “Authority”, in the first place, substitute “ appropriate regulator ”.

Commencement Information

I14 Sch. 6 para. 14 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

15 U.K. In paragraph 5A, for “the Authority” substitute “ the appropriate regulator ”.

Commencement Information

I15 Sch. 6 para. 15 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

16 U.K. In paragraph 8(2)—

(a) for paragraph (a) substitute—

“(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;”, and

(b) in paragraph (c), after “(a)” insert “ , (aa) ”.

Commencement Information

I16 Sch. 6 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

17 U.K. In paragraph 9, for “Authority” substitute “ appropriate regulator ”.

Commencement Information

I17 Sch. 6 para. 17 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

18 (1) Paragraph 9A is amended as follows. U.K.

(2) The existing provision becomes sub-paragraph (1).

(3) In that sub-paragraph, for “Authority” substitute “ relevant regulator ”.

(4) After that sub-paragraph insert—

“(2) In this paragraph the “relevant regulator” means—

(a) if the transferee is a PRA-authorised person, the PRA;

(b) in any other case, the FCA.”

Commencement Information

I18 Sch. 6 para. 18 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

19 (1) Paragraph 10 is amended as follows. U.K.

(2) In sub-paragraph (2), for “Authority” substitute “ FCA or the PRA ”.

(3) In sub-paragraph (5), for “Authority” substitute “ regulator which supervises the transferee's margin of solvency ”.

(4) In sub-paragraph (6), for “Authority” substitute “ FCA or the PRA ”.

Commencement Information

I19 Sch. 6 para. 19 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.