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109. In the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005(1)—
(a)in regulation 2(1) (interpretation)—
(i)insert in the appropriate places—
““the FCA” means the Financial Conduct Authority;
“the PRA” means the Prudential Regulation Authority;”
(ii)in the definition of “relevant trust fund”, for “Authority” substitute “FCA or the PRA”;
(b)in regulation 6 (application for a Lloyd’s market reorganisation order)—
(i)in paragraph (1), for “the Authority” substitute “the PRA”;
(ii)after paragraph (1) insert—
“(1A) Before making an application under paragraph (1), the PRA must consult the FCA.”;
(iii)in paragraph (3), for “The Authority” substitute “The FCA, the PRA”;
(c)in regulation 7 (powers of the court)—
(i)in paragraph (3), for “Authority” in each place it appears substitute “PRA”;
(ii)in paragraph (5), for “and the Authority” substitute “, the FCA and the PRA”;
(d)in regulation 8(12) (moratorium), for “Authority” substitute “PRA”;
(e)in regulation 10 (announcement of appointment of controller), for “the Authority” in each place it appears, substitute “the PRA”;
(f)in regulation 11 (market reorganisation plan), for “Authority” in each place it appears substitute “PRA”;
(g)in regulation 14 (revocation of an order under regulation 13), for “Authority” substitute “PRA”;
(h)in regulation 31 (payments from central funds), for “Authority” in each it appears substitute “PRA”;
(i)in the heading to regulation 33 (notification of relevant decision) for “Authority” substitute “PRA”;
(j)in regulation 48 (non-EEA countries), for “Authority” in each place it appears substitute “PRA”.
S.I. 2005/1998; amended by S.I.2007/852 and S.I.2011/1265.
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