Financial Services and Markets Act 2000

Certificate as to financial resourcesU.K.

This section has no associated Explanatory Notes

[F19C(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.

(2)“Relevant authority” means—

(a)if the transferee is a PRA-authorised person with a Part 4A permission F2..., the PRA;

F3(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)if the transferee does not fall within paragraph (a) F4... but is subject to regulation in a country or territory outside the United Kingdom, the authority responsible for the supervision of the transferee's business in the place in which the transferee has its head office;

(d)in any other case, the FCA.

(3)In sub-paragraph (2), any reference to a transferee of a particular description includes a reference to a transferee who will be of that description if the proposed ring-fencing transfer scheme takes effect.]

Textual Amendments