Financial Services and Markets Act 2000 (c. 8)

Part VII U.K. Control of Business TransfersF1 F2

Textual Amendments

F1 S. 112A inserted (30.6.2008) by The Financial Services and Markets Act 2000 (Amendments to Part 7) Regulations 2008 (S.I. 2008/1468), reg. 2(3)

F2 S. 114A inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 2(3)

107 Application for order sanctioning transfer scheme. U.K.

(1) An application may be made to the court for an order sanctioning an insurance business transfer scheme or a banking business transfer scheme.

(2) An application may be made by—

(a) the authorised person concerned;

(b) the transferee; or

(c) both.

(3) The application must be made—

(a) if the authorised person concerned and the transferee are registered or have their head offices in the same jurisdiction, to the court in that jurisdiction;

(b) if the authorised person concerned and the transferee are registered or have their head offices in different jurisdictions, to the court in either jurisdiction;

(c) if the transferee is not registered in the United Kingdom and does not have his head office there, to the court which has jurisdiction in relation to the authorised person concerned.

(4) “Court” means—

(a) the High Court; or

(b) in Scotland, the Court of Session.

Modifications etc. (not altering text)

C1 S. 107 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)