PART 4Protected Cell Companies

CHAPTER 16Mergers and Divisions

Meaning of “affected parties”172

1

In this Chapter, “affected parties” means—

a

in a Case 1 transfer scheme—

i

the FCA;

ii

the PRA;

iii

an undertaking from whom the transferor has assumed a risk on behalf of a relevant cell;

iv

all investors holding investments issued by the transferor on behalf of a relevant cell;

v

any other person to whom the transferor has incurred a liability on behalf of a relevant cell; and

vi

so far as the transferor is aware, any other person to whom the transferor has incurred a liability which is attributable to a relevant cell;

b

in a Case 2 transfer scheme—

i

the FCA;

ii

the PRA;

iii

an undertaking from whom the transferor has assumed a risk on behalf of a relevant cell;

iv

all investors holding investments issued by the transferor on behalf of a relevant cell;

v

any other person to whom the transferor has incurred a liability on behalf of a relevant cell;

vi

so far as the transferor is aware, any other person to whom the transferor has incurred a liability which is attributable to a relevant cell; and

vii

any person to whom the transferee has a liability or to whom the transferee has issued an investment;

c

in a Case 3 transfer scheme—

i

the FCA;

ii

the PRA;

iii

any person to whom the transferor has a liability, or to whom the transferor has issued an investment, which is to be transferred to the transferee as a result of the transfer scheme;

iv

any undertaking from whom the transferee has assumed a risk on behalf of a relevant cell;

v

all investors holding investments issued by the transferee on behalf of a relevant cell;

vi

any other person to whom the transferee has incurred a liability on behalf of a relevant cell; and

vii

so far as the transferee is aware, any other person to whom the transferee has incurred a liability which is attributable to a relevant cell.

2

In this regulation, a “relevant cell” is the cell to which the transfer scheme relates and any other cell which has entered into enforceable arrangements with that cell.