2.—(1) The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001(1) are amended as follows.
(2) In regulation 3(2)—
(a)at the end of sub-paragraph (a)(ii) omit “and”;
(b)in sub-paragraph (a)(iii) after “any policy” insert “(other than a policy which evidences a contract of reinsurance)”;
(c)after sub-paragraph (a)(iii) insert—
“(iv)where, as regards any policy included in the proposed transfer which evidences a contract of reinsurance, an EEA State other than the United Kingdom is the State in which the establishment of the policyholder to which the policy relates is situated at the date when the contract was entered into, in one business newspaper which is published or circulated in that EEA State; and”.
(3) In regulation 4(1) after “paragraph (2)” insert “or (3)”.
(4) In regulation 4(2) for “and (iii)” substitute “, (iii) and (iv)”.
(5) After regulation 4(2) insert—
“(3) The requirement in regulation 3(2)(a)(iv) must be waived where an applicant demonstrates that he has notified all policyholders of contracts of reinsurance.”.