- Latest available (Revised)
- Point in Time (08/09/2010)
- Original (As made)
Point in time view as at 08/09/2010.
There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010, Section 9.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
9.—(1) The Treasury may require the scheme manager to make a payment (“an interim payment”) in respect of the banking institution before—
(a)any verification takes place in accordance with regulation 12; or
(b)before the limit imposed by section 214C is calculated under regulation 8.
(2) The scheme manager may make an interim payment voluntarily (“a voluntary interim payment”) in accordance with the provisions of this regulation.
(3) The total amount of interim payments made by the scheme manager must not be such as to give rise to an expectation that an amount will be required to be repaid to the scheme manager (once the accounts kept in accordance with Schedule 1 have been verified in accordance with regulation 12, and the Treasury have received the valuer's determination under section 214D(3).
(4) Before sending a notification under regulation 4 or 5 requiring an interim payment, the Treasury must send the scheme manager an information notice (“information notice”) which requires the scheme manager to provide estimates—
(a)of the determinations it will make under section 214D(2); and
(b)of the actual expenditure it expects to incur in respect of the banking institution, including when this is likely to be incurred, and the amount (and timing) of any recoveries in respect of those expenses,
and shall set out the time by which the scheme manager must respond to the notice.
(5) An information notice may be sent to the scheme manager before the resolution takes place.
(6) On receipt of the information notice, the scheme manager may request any necessary information from the Treasury and the Treasury shall respond to such a request promptly.
(7) On receipt of the information —
(a)using the notified rate (or the intended notified rate as the case may be); and
(b)estimating—
(i)the amount that would have been likely, at the time when the stabilisation power was exercised to be recovered by the scheme manager, and
(ii)the time or times at which the amount would have been likely to have been recovered,
the Treasury shall establish, using the methods set out in Schedule 1, the maximum amount of interim payments that may be made by the scheme manager. The amount required in the notification under regulations 4 or 5 shall be subject to this maximum amount.
(8) Where the scheme manager proposes to make a voluntary interim payment it must send the Treasury a notice (“voluntary payment notice”) which contains—
(a)the date on which the scheme manager proposes to make the payment;
(b)the amount it proposes to pay; and
(c)the estimates required under paragraph (4)(a) and (b).
(9) Before sending a voluntary payment notice, the scheme manager may request from the Treasury any information it considers necessary for the making of the estimates specified in paragraph (4)(a) and (b) and the Treasury shall respond to such a request promptly.
(10) On receipt of a voluntary payment notice, using the procedure set out in paragraph (7), the Treasury shall establish the maximum amount of payments that the scheme manager may make under this regulation.
(11) On establishing the maximum amount of payments in paragraph (10), the Treasury shall then determine whether–
(a)to consent to the voluntary interim payment;
(b)to consent to a voluntary interim payment of a different amount (which shall not be greater than that proposed by the scheme manager); or
(c)not to consent to the voluntary interim payment,
and shall notify their determination to the scheme manager in writing.
(12) The Treasury must not consent to a voluntary interim payment that exceeds the maximum amount established under paragraph (10).
(13) The scheme manager shall not make a voluntary interim payment without the Treasury's consent.
(14) Where any interim payment is made, the Treasury shall keep the account specified in Part 3 of Schedule 1 to these Regulations.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: