Part VII Control of Business Transfers

C1110 Right to participate in proceedings.

F11

On an application under section 107 F6relating to an insurance business transfer scheme, a banking business transfer scheme or a reclaim fund business transfer scheme, the following are also entitled to be heard—

F3a

the FCA,

aa

in the case of a scheme falling within subsection (2), the PRA, and

b

any person (including an employee of F4the transferor concerned or of the transferee) who alleges that he would be adversely affected by the carrying out of the scheme.

F22

A scheme falls within this subsection if—

a

F4the transferor concerned or the transferee is a PRA-authorised person, or

b

F4the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.

F53

Subsections (4) and (5) apply where an application under section 107 relates to a ring-fencing transfer scheme.

4

The following are also entitled to be heard—

a

the PRA,

b

where the transferee is an authorised person, the FCA, and

c

any person (“P”) (including an employee of the transferor concerned or of the transferee) who alleges that P would be adversely affected by the carrying out of the scheme.

5

P is not entitled to be heard by virtue of subsection (4)(c) unless before the hearing P has—

a

filed (in Scotland, lodged) with the court a written statement of the representations that P wishes the court to consider, and

b

served copies of the statement on the PRA and the transferor concerned.