The Northern Rock plc Compensation Scheme Order 2008

1. Introductory Text

2. 1. (1) This Order may be cited as the Northern Rock...

3. 2. The Northern Rock plc Compensation Scheme set out in the...

4. Signature

5. 1. SCHEDULE

      The Northern Rock plc Compensation Scheme

      1. PART 1 General provisions

         1. 1. Citation

         2. 2. Interpretation

      2. PART 2 Determination of amount of compensation

         1. 3. Transfer of Northern Rock shares

         2. 4. Extinguishment of subscription rights

         3. 5. Modification of rights in relevant instruments

         4. 6. Valuation assumptions

      3. PART 3 Independent valuer

         1. 7. Appointment of independent valuer

         2. 8. Remuneration

         3. 9. Appointment of staff

      4. PART 4 Assessment of compensation by valuer

         1. 10. Procedure

         2. 11. Assessment notice

         3. 12. Reconsideration of assessment notice

         4. 13. Right to refer to the Tribunal

         5. 14. Payment of compensation

      5. PART 5 References to the Tribunal

         1. 15. Application of FSMA 2000

         2. 16. Modification of FSMA 2000

         3. 17. In section 133 (proceedings: general provisions) and Schedule 13, for...

         4. 18. In section 133— (i) in subsection (1)(a) for “the decision...

         5. 19. Omit sections 134 to 136.

         6. 20. Modification of Financial Services and Markets Tribunal Rules 2001

         7. 21. In each place where it occurs (other than in rule...

         8. 22. In rule 2 (interpretation)— (a) omit the definitions for “the...

         9. 23. In rule 4(6) (reference notice) omit “, a direction under...

         10. 24. In rule 5 (Authority’s statement of case)—

         11. 25. Omit rules 6 (applicant’s reply), 7 (secondary disclosure by the...

         12. 26. In rule 10 (particular types of directions) omit paragraphs (1)(e),...

         13. 27. After rule 10 (particular types of directions) insert— (1) The President may, of his own motion or on...

         14. 28. In rule 19(3) (procedure at hearings) omit “when taking the...

6. Explanatory Note