a chairman; F2...

a chief executive F4...; and

a board (which must include the chairman F5and chief executive ) whose members are the scheme manager’s directors.

relevant persons are unable, or likely to be unable, to satisfy claims against them, F14...

relevant exchanges are unable, or likely to be unable, to satisfy claims made against them in connection with a regulated activity relating to a trading facility carried on by the exchange, or

persons who have assumed responsibility for liabilities arising from acts or omissions of relevant persons F16or relevant exchanges (“successors”) are unable, or likely to be unable, to satisfy claims against the successors that are based on those acts or omissions.

the cases in which the FCA may, or may not, make rules under subsection (1), and

the cases in which the PRA may, or may not, make rules under that subsection.

on authorised persons, or any class of authorised person;

on recognised investment exchanges carrying on a regulated activity relating to a trading facility, or any class of such exchanges; or

on authorised persons and on recognised investment exchanges carrying on a regulated activity relating to a trading facility, or on any class of such persons and exchanges,

class of authorised person;

class of recognised investment exchange carrying on a regulated activity relating to a trading facility; or

class of authorised person and of recognised investment exchanges carrying on a regulated activity relating to a trading facility;

an authorised person at the time the act or omission giving rise to the claim against him F22, or against a successor falling within subsection (1)(b), took place; or

an appointed representative at that time.

was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

fell within a prescribed category, either generally or in relation to the activity.

whether the activity is carried on through a branch in the United Kingdom;

the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.

the regulated activity of operating a multilateral trading facility; or

the regulated activity of operating an organised trading facility.

as to the circumstances in which a relevant person F27or relevant exchange is to be taken (for the purposes of the scheme) to be unable, or likely to be unable, to satisfy claims made against him F28or it;

as to the circumstances in which a successor falling within section 213(1)(b) is to be taken (for the purposes of the scheme) to be unable, or likely to be unable, to satisfy claims against the successor that are based on the acts or omissions of a relevant person F30or relevant exchange;

for the establishment of different funds for meeting different kinds of claim;

for the imposition of different levies in different cases;

limiting the levy payable by a person in respect of a specified period;

for repayment of the whole or part of a levy in specified circumstances;

for a claim to be entertained only if it is made by a specified kind of claimant;

for a claim to be entertained only if it falls within a specified kind of claim;

as to the procedure to be followed in making a claim;

for the making of interim payments before a claim is finally determined;

limiting the amount payable on a claim to a specified maximum amount or a maximum amount calculated in a specified manner;

for payment to be made, in specified circumstances, to a person other than the claimant.

activities carried on,

claimants,

matters arising, or

events occurring,

in specified circumstances,

a stabilisation power under Part 1 of the Banking Act 2009 has been exercised in respect of a bank, building society F36, credit union or investment firm within the meaning of that Part (“the institution”); and

the Treasury think that the institution was or was likely to have been, or but for the exercise of the power would have become, unable to satisfy claims against it.

the total amount of expenses (including interest) incurred at or before that time; and

notional net expenditure (see subsection (3)), minus

actual net expenditure (see subsection (4)).

a payment under section 214B(2); or

a payment required to be made by the scheme manager by virtue of section 61 of the Banking Act 2009 (special resolution regime: compensation).

the total amount of expenses that would have been incurred under the compensation scheme in respect of the institution if the stabilisation power had not been exercised and the institution had been unable to satisfy claims against it, minus

the total amount that would have been likely, at the time when the power was exercised, to be recovered by the scheme manager in respect of the institution in those circumstances.

the total amount of expenses (other than special resolution regime payments) actually incurred by the scheme manager in respect of the institution, minus

the total amount actually recovered by the scheme manager in respect of the institution.

the total amount of expenses (including interest) that would have been incurred as mentioned in subsection (3)(a) at or before that time; and

the total amount that would have been likely to have been recovered as mentioned in subsection (3)(b) at or before that time.

the total amount of expenses (including special resolution regime payments and interest) actually incurred by the scheme manager in respect of the institution at or before that time; and

the total amount actually recovered by the scheme manager in respect of the institution at or before that time.

the amounts of expenses (other than interest) that would have been incurred as mentioned in section 214C(3)(a); and

the time or times at which those amounts would have been likely to have been incurred.

the amounts that would have been likely, at the time when the stabilisation power was exercised, to be recovered as mentioned in section 214C(3)(b); and

the time or times at which those amounts would have been likely to be recovered.

the scheme manager when exercising functions under subsection (2); or

the valuer when exercising functions under subsection (3).

to use, or not to use, specified methods;

to take specified matters into account in a specified manner; or

not to take specified matters into account.

must provide for independent verification of expenses within section 214B(2);

may provide for the independent verification of other matters; and

may contain provision about the appointment and payment of an auditor.

must contain provision enabling the valuer to reconsider a decision;

must provide a right of appeal to a court or tribunal against any decision of the valuer;

may provide for payment of the valuer; and

before any verification required by the regulations is undertaken, and

before the limit imposed by section 214C is calculated,

make provision supplementing section 214B or 214C or this section;

make further provision about the method by which amounts to be paid under section 214B(2) are to be determined;

make provision about timing;

make provision about procedures to be followed;

provide for discretionary functions to be exercised by a specified body or by persons of a specified class; and

make provision about the resolution of disputes (which may include provision conferring jurisdiction on a court or tribunal).

about the effect of a payment of compensation under the scheme on rights or obligations arising out of matters in connection with which the compensation was paid;

giving the scheme manager a right of recovery in respect of those rights or obligations.

about rights or obligations in connection with any trust or contract of insurance relating to the funeral plan contracts entered into or carried out by such a person or successor;

about the effect of a payment of compensation, or of a payment in connection with securing continuity of funeral plan contracts under the scheme, on rights and obligations arising out of matters in connection with which the payment was made;

giving the scheme manager a right of recovery in respect of the rights or obligations referred to in paragraphs (a) and (b).

provision in respect of rights or obligations that came into existence before or after the date on which that subsection comes into force;

provision to vary existing rights or obligations;

provision to create new rights in favour of, or obligations to, the scheme manager which override existing rights or obligations.

a company or partnership which is a relevant person; or

a body corporate or unincorporated association which is a relevant exchange;

appointing an administrator under paragraph 14 or 22 of Schedule B1 to the 1986 Act F48or paragraph 15 or 23 of Schedule B1 to the 1989 Order, or

filing with the court a copy of notice of intention to appoint an administrator under F49any of those paragraphs.

under section 264 of the 1986 Act or Article 238 of the 1989 Order for a bankruptcy order to be made against an individual;

under section F522 or 5 of the 2016 Act for the sequestration of the estate of an individual; or

under section 6 of the F532016 Act for the sequestration of the estate belonging to or held for or jointly by the members of an entity mentioned in subsection (1) of that section.

for England and Wales, rules made under sections 411 and 412 of the 1986 Act;

for Scotland, rules made by order by the Treasury, after consultation with the Scottish Ministers, for the purposes of this section; and

for Northern Ireland, rules made under Article 359 of the 1989 Order and section 55 of the M1Judicature (Northern Ireland) Act 1978.

plan holders;

plan holders of a specified class;

plan holders of funeral plan contracts of a specified class.

for securing or facilitating the transfer of a relevant funeral plan provider’s business so far as it consists of the carrying out of funeral plan contracts, or of any part of that business, to another authorised person;

for securing the issue by another authorised person to the plan holders concerned of funeral plan contracts in substitution for their existing contracts.

during any period while the scheme manager is seeking to make arrangements mentioned in subsection (1);

if it appears to the scheme manager that it is not reasonably practicable to make such arrangements.

in specified circumstances,

but only if the scheme manager is satisfied that such payments are made in respect of any reasonable fees, costs, charges or other expenses reasonably and exclusively incurred for the purposes of complying with a request of the scheme manager under section 215B,

taking measures as a result of any provision of the scheme made by virtue of subsection (3);

making, or securing the making of, payments as a result of any provision of the scheme made by virtue of subsection (4) or (5).

to enable the scheme manager to administer the compensation scheme in relation to funeral plan contracts, and

to enable the scheme manager to secure continuity of cover in relation to funeral plan contracts.

have permission to effect or carry out contracts of long-term insurance; and

are unable, or likely to be unable, to satisfy claims made against them.

for securing or facilitating the transfer of a relevant long-term insurer’s business so far as it consists of the carrying out of contracts of long-term insurance, or of any part of that business, to another authorised person;

for securing the issue by another authorised person to the policyholders concerned of policies in substitution for their existing policies.

during any period while he is seeking to make arrangements mentioned in subsection (1);

if it appears to him that it is not reasonably practicable to make such arrangements.

taking measures as a result of any provision of the scheme made by virtue of subsection (3);

making payments as a result of any such provision made by virtue of subsection (4).

have permission to effect or carry out contracts of insurance; and

are in financial difficulties.

securing or facilitating the transfer of a relevant insurer’s business so far as it consists of the carrying out of contracts of insurance, or of any part of that business, to another authorised person;

giving assistance to the relevant insurer to enable it to continue to effect or carry out contracts of insurance.

that if measures of a kind mentioned in subsection (3)(a) are to be taken, they should be on terms appearing to the scheme manager to be appropriate, including terms reducing, or deferring payment of, any of the things to which any of those who are eligible policyholders in relation to the relevant insurer are entitled in their capacity as such;

that if measures of a kind mentioned in subsection (3)(b) are to be taken, they should be conditional on the reduction of, or the deferment of the payment of, the things to which any of those who are eligible policyholders in relation to the relevant insurer are entitled in their capacity as such;

for ensuring that measures of a kind mentioned in subsection (3)(b) do not benefit to any material extent persons who were members of a relevant insurer when it began to be in financial difficulties or who had any responsibility for, or who may have profited from, the circumstances giving rise to its financial difficulties, except in specified circumstances;

for requiring the scheme manager to be satisfied that any measures he proposes to take are likely to cost less than it would cost to pay compensation under the scheme if the relevant insurer became unable, or likely to be unable, to satisfy claims made against him.

to give such assistance to the scheme manager as it considers appropriate for assisting the scheme manager to determine what measures are practicable or desirable in the case of a particular relevant insurer;

to impose constraints on the taking of measures by the scheme manager in the case of a particular relevant insurer;

to require the scheme manager to provide it with information about any particular measures which the scheme manager is proposing to take.

to make interim payments in respect of eligible policyholders of a relevant insurer;

to indemnify any person making payments to eligible policyholders of a relevant insurer.

taking measures as a result of any provision of the scheme made by virtue of subsection (1);

making payments or giving indemnities as a result of any such provision made by virtue of subsection (6).

P is a policyholder of an insurer in respect of whom a write-down order has effect, and

the value of any thing to which P is (or may become) entitled, in P’s capacity as a policyholder of the insurer, is reduced under the write-down order.

must not be used for any purpose other than the purpose mentioned in subsection (4);

is not to be taken into account, to any extent, in valuing the assets of the insurer for any purpose.

include a statement setting out the value of each of the funds established by the compensation scheme; and

comply with any requirements specified in rules made by the F63regulators.

require the scheme manager to comply with any provisions of the Companies Act 2006 about accounts and their audit which would not otherwise apply to it, or

direct that any such provision of that Act is to apply to the scheme manager with such modifications as are specified in the direction.

examine, certify and report on accounts received under this section, and

send a copy of the certified accounts and the report to the Treasury.

provide information to the scheme manager on the request of that regulator or the scheme manager; or

provide information to that regulator, which may then be made available to the scheme manager by that regulator.

to authorised persons generally or only to specified persons or classes of person;

to recognised investment exchanges mentioned in subsection (1) generally or only to specified exchanges or classes of exchange;

to the provision of information at specified periods, in connection with specified events or in other ways.

to provide specified information or information of a specified description; or

to produce specified documents or documents of a specified description.

on a person (P) against whom a claim has been made under the scheme,

on a person (P) who is unable or likely to be unable to satisfy claims under the scheme against P,

on a person (P) who is an insurer who has been given financial assistance under section 217ZA,

on a person (“the Third Party”) whom the scheme manager thinks was knowingly involved in matters giving rise to a claim against another person (P) under the scheme, F78...

on a person (“the Third Party”) whom the scheme manager thinks was knowingly involved in matters giving rise to the actual or likely inability of another person (P) to satisfy claims under the scheme F79, or

apply or replicate, with or without modifications, a provision of an enactment;

confer discretion on a specified person).

before the end of such reasonable period as may be specified; and

in the case of information, in such manner or form as may be specified.

take copies or extracts from the document; or

require the person producing the document to provide an explanation of the document.

the administrative receiver, administrator, liquidator F90, bank liquidatorF91, building society liquidator or trustee in bankruptcy of an insolvent relevant person F92or insolvent relevant exchange;

the F93trustee in the sequestration, under the Bankruptcy (Scotland) Act 2016, of the estate of an insolvent relevant person F94or insolvent relevant exchange.

the Official Receiver;

the Official Receiver for Northern Ireland; or

the Accountant in Bankruptcy.

fails to comply with a requirement imposed under section 219, or

fails to permit documents to be inspected under section 220,

the High Court;

in Scotland, the Court of Session.

is competent to discharge the function, and

has been given sufficient directions to enable the agent to take any decisions required in the course of exercising the function in accordance with policy determined by the scheme manager.

if the act or omission is shown to have been in bad faith; or

so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the M2Human Rights Act 1998.

in paying compensation;

as a result of any provision of the scheme made by virtue of section F104215A(3) or (4), 216(3) or (4) or 217(1) or (6)F105;

under section 214B F106or 214D.

under Part 15A.

the rate of interest on a loan, and

other terms and conditions.

about the amounts that may be borrowed under this section;

permitting the scheme manager to impose levies under section 213 for the purpose of meeting expenses in connection with loans under this section (and the regulations may have effect despite any provision of this Act);

about the classes of person on whom those levies may be imposed;

about the amounts and timing of those levies.

the identity of persons to whom the scheme manager may be liable to make a payment in accordance with the compensation scheme; or

the amount of any payment which the scheme manager may be liable to make.

an authorised person at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place; or

an appointed representative at that time.

was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

fell within a prescribed category, either generally or in relation to the activity.

whether the activity is carried on through a branch in the United Kingdom;

the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.

the Official Receiver;

the Official Receiver for Northern Ireland; and

the Accountant in Bankruptcy.

the need to ensure efficiency and effectiveness in the discharge of those functions, and

the need to minimise public expenditure attributable to loans made or other financial assistance given to the scheme manager for the purposes of the scheme.