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Financial Services (Banking Reform) Act 2013
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- UK Public General Acts
- 2013 c. 33
- SCHEDULE 1
- Paragraph 8
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Financial Services (Banking Reform) Act 2013, Paragraph 8 is up to date with all changes known to be in force on or before 15 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 1 Paragraph 8:
- specified provision(s) amendment to earlier commencing S.I. 2015/490, art. 2 by S.I. 2015/2055 art. 2
- specified provision(s) savings and transitional provisions for commencing SI 2015/490 by S.I. 2015/492 Order
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 59(7) inserted by 2024 c. 13 Sch. 29 para. 11(2)
- s. 61(6) inserted by 2024 c. 13 Sch. 29 para. 11(3)
This section has no associated Explanatory Notes
8U.K.After section 109 insert—
“109AScheme reports: ring-fencing transfer schemes
(1)An application under section 106B in respect of a ring-fencing transfer scheme must be accompanied by a report on the terms of the scheme (a “scheme report”).
(2)A scheme report may be made only by a person—
(a)appearing to the PRA to have the skills necessary to enable the person to make a proper report, and
(b)nominated or approved for the purpose by the PRA.
(3)A scheme report must be made in a form approved by the PRA.
(4)A scheme report must state—
(a)whether persons other than the transferor concerned are likely to be adversely affected by the scheme, and
(b)if so, whether the adverse effect is likely to be greater than is reasonably necessary in order to achieve whichever of the purposes mentioned in section 106B(3) is relevant.
(5)The PRA must consult the FCA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).”
Commencement Information
I1Sch. 1 para. 8 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
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