2008 No. 1725
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008
Made
Laid before Parliament
Coming into force
The Treasury, in exercise of the powers conferred on them by sections 323 and 428(3) of the Financial Services and Markets Act 20001, make the following Order:
Citation and commencement1
This Order may be cited as the Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 and comes into force on 23rd July 2008.
Amendment of the Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 20012
1
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 20012 is amended as follows.
2
In article 2, omit the definition of “former underwriting member”.
3
In article 3—
a
for “107 to 114” substitute “107 to 114A”;
b
for “members of the Society or former underwriting members” substitute—
underwriting members of the Society or by one or more persons who have ceased to be such a member (whether before, on or after 24th December 1996)
4
In article 4—
a
for paragraph (b) substitute—
b
that the Council of Lloyd’s has—
i
by resolution authorised one person to act, or
ii
certified that one person has authority to act,
in connection with the transfer for the members concerned, as transferor;
b
for paragraph (c) substitute—
c
that a copy of the resolution or the certificate has been give to the Authority.
5
In article 5(1)(b)—
a
after “the person authorised” insert “, or the person certified to have authority,”;
b
for “paragraph (a)” substitute “paragraph (b)”.
6
After article 5(2) add—
3
A transfer scheme carried out by virtue of this Order may transfer to an establishment of the transferee business written on different syndicates and in different years of account of syndicates.
(This note is not part of the Order)