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Financial Services and Markets Act 2000
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Changes over time for: Paragraph 8
Version Superseded: 31/12/2020
Alternative versions:
- 01/12/2001- Amendment
- 01/04/2013- Amendment
- 01/04/2013
Point in time - 31/12/2020- Amendment
Status:
Point in time view as at 01/04/2013.
Changes to legislation:
Financial Services and Markets Act 2000, Paragraph 8 is up to date with all changes known to be in force on or before 28 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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This section has no associated Explanatory Notes
8(1)A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.U.K.
(2)“Relevant authority” means—
[F1(a)if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA;
(aa)if the transferee is a person with Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person, the FCA;]
(b)if the transferee is an EEA firm falling within paragraph 5(b) of Schedule 3, its home state regulator;
(c)if the transferee does not fall within paragraph (a) [F2, (aa)] or (b), the authority responsible for the supervision of the transferee’s business in the place in which the transferee has its head office.
(3)In sub-paragraph (2), any reference to a transferee of a particular description of person includes a reference to a transferee who will be of that description if the proposed banking business transfer scheme takes effect.
Textual Amendments
F1Sch. 12 para. 8(2)(a)(aa) substituted for Sch. 12 para. 8(2)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 16(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Word in Sch. 12 para. 8(2)(c) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 16(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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