The Energy Savings Opportunity Scheme Regulations 2014

PART 10 U.K. Application of these Regulations with modifications to relevant trust assets

Relevant trust assets U.K.

52.—(1) This Part applies where a relevant undertaking is—

(a) a dominant beneficiary,

(b) a trustee,

(c) an AIFM, or

(d) an operator

in relation to a relevant trust on the qualification date for a compliance period.

(2) A relevant trust exists where—

(a) one or more trustees hold one or more assets (“relevant trust assets”) on trust for the benefit of one or more beneficiaries, and

(b) one or more relevant undertakings, at least one of which is a relevant undertaking mentioned in paragraph (1), agrees with a person (“S”) that S will supply energy to the relevant trust asset, and the trust asset is supplied with energy further to that agreement.

(3) For the purposes of this Part—

(a) “AIFM” has the meaning given in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 M1 ,

(b) “dominant beneficiary” means a beneficiary that is entitled to more than half of the assets of the relevant trust,

(c) “operator” means a person with permission under Part 4A of the Financial Services and Markets Act 2000 M2 to carry on a regulated activity, and

(d) “regulated activity” has the meaning given in section 22 of the Financial Services and Markets Act 2000 M3 .

Marginal Citations

M1 S.I. 2013/1773, to which there are amendments not relevant to these Regulations.

M2 2000 c. 8. Part 4A is substituted by section 11(2) of the Financial Services Act 2012 (c. 21).

M3 Section 22 is amended by section 7(1) of the Financial Services Act 2012.

Participants and responsible undertakings in relation to relevant trust assets U.K.

53.—(1) Subject to paragraph (5), where the dominant beneficiary enters into the agreement referred to in regulation 52(2)(b), the relevant trust asset is an asset held by the dominant beneficiary for the purposes of these Regulations.

(2) Where the AIFM or the operator enters into the agreement referred to in regulation 52(2)(b), the AIFM or the operator (as the case may be) is required to comply with the Scheme on its own behalf in relation to the energy consumption of the relevant trust asset.

(3) Where a trustee enters into the agreement referred to in regulation 52(2)(b) and there is an AIFM or an operator in relation to the relevant trust, the AIFM or the operator (as the case may be) is required to comply with the Scheme on its own behalf in relation to the energy consumption of the relevant trust asset.

(4) Subject to paragraph (5), where a trustee enters into the agreement referred to in regulation 52(2)(b) and there is no AIFM or operator in relation to the relevant trust, the trustee is required to comply with the Scheme on its own behalf in relation to the energy consumption of the relevant trust asset.

(5) Subject to paragraph (7) in any case where paragraph (1) or (4) apply, the dominant beneficiary or the trustee (as the case may be) may enter into an agreement with another undertaking (“U”) to the effect that U is required to comply with the Scheme on its own behalf in relation to the energy consumption of the relevant trust asset,

(6) In any case where two or more relevant undertakings mentioned in regulation 52(1) enter the agreement mentioned in regulation 52(2)(b), they must agree which of them is required to comply with the Scheme in relation to the energy consumption of the relevant trust asset.

(7) An agreement referred to in paragraph (5) or paragraph (6) must be made in writing between the responsible officers of the undertakings.

(8) In the circumstances set out in paragraphs (2), (3), (4) and (5) these Regulations apply with the modifications set out in Schedule 5.