The Risk Transformation Regulations 2017

Application for fast track transfer U.K.

174.—(1) An application may be made to the FCA for a fast track transfer where—

(a) the transfer scheme falls entirely within Case 1 or entirely within Case 2;

(b) in the case of a transfer scheme falling within Case 2—

(i) the transferee is a private company limited by shares and registered under the Companies Act 2006; and

(ii) the directors of the transferee are permitted by the transferee's articles of association to do all the things necessary for the transferee to enter into and complete the transfer scheme;

(c) the applicant has complied with the requirements of regulation 173;

(d) all the affected parties have given their written consent to the transfer scheme;

(e) the transferee has permission under Part 4A of FSMA M1 to carry out the activity specified in article 13A of the Regulated Activities Order; and

(f) the application is made before the end of a period of 30 working days beginning with the reference date.

(2) The application may be made by—

(a) the transferor;

(b) the transferee;

(c) if the core of the transferor is in administration or liquidation, the administrator or liquidator of the core; or

(d) any combination of the above persons.

(3) An application must be accompanied by—

(a) a statement made by or on behalf of the transferor and transferee consenting to the transfer;

(b) a statement made by the solicitor or counsel for the applicant verifying that the requirements of paragraph (1) are satisfied in relation to the transfer scheme; and

(c) a statement made by the solicitor or counsel for the applicant setting out the changes which will need to be made to the information contained on the FCA's register as a result of the transfer scheme or, if no such changes are required, stating that fact.

(4) Where the FCA considers that the application complies with the requirements of this regulation, the FCA must—

(a) register the application; and

(b) notify the applicant and the PRA accordingly.

(5) For the purposes of deciding whether the application complies with the requirements of this regulation, the FCA may rely on the statement made by the solicitor or counsel for the applicant in accordance with paragraph (3)(b).

(6) The notification under paragraph (4)(b) must state the time and date when the application was registered.

(7) When the applicant receives notification under paragraph (4)(b), the applicant must do the following without delay—

(a) inform the transferor (except where applicant is the transferor);

(b) inform the transferee (except where the applicant is the transferee);

(c) publish a notice confirming that the transfer scheme has taken effect in—

(i) the London, Edinburgh and Belfast Gazettes;

(ii) two national newspapers in the United Kingdom; and

(iii) a national newspaper in each of the countries or territories in which a person who was an affected party on the reference date is located; and

(d) send a notice confirming that the transfer scheme has taken effect to—

(i) all the persons who were affected parties on the reference date; and

(ii) if the applicant is aware that any other person has become an affected party since the reference date, that other person.

(8) The notice referred to in sub-paragraphs (c) and (d) of paragraph (7) must state the time and date when the transfer scheme was registered.

Marginal Citations

M1 Part 4A was inserted by section 11 of the Financial Services Act 2012.