SCHEDULE 2Amendments of subordinate legislation

The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005109

In the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005160—

a

in regulation 2(1) (interpretation)—

i

insert in the appropriate places—

  • “the FCA” means the Financial Conduct Authority;

  • “the PRA” means the Prudential Regulation Authority;

ii

in the definition of “relevant trust fund”, for “Authority” substitute “FCA or the PRA”;

b

in regulation 6 (application for a Lloyd’s market reorganisation order)—

i

in paragraph (1), for “the Authority” substitute “the PRA”;

ii

after paragraph (1) insert—

1A

Before making an application under paragraph (1), the PRA must consult the FCA.

iii

in paragraph (3), for “The Authority” substitute “The FCA, the PRA”;

c

in regulation 7 (powers of the court)—

i

in paragraph (3), for “Authority” in each place it appears substitute “PRA”;

ii

in paragraph (5), for “and the Authority” substitute “, the FCA and the PRA”;

d

in regulation 8(12) (moratorium), for “Authority” substitute “PRA”;

e

in regulation 10 (announcement of appointment of controller), for “the Authority” in each place it appears, substitute “the PRA”;

f

in regulation 11 (market reorganisation plan), for “Authority” in each place it appears substitute “PRA”;

g

in regulation 14 (revocation of an order under regulation 13), for “Authority” substitute “PRA”;

h

in regulation 31 (payments from central funds), for “Authority” in each it appears substitute “PRA”;

i

in the heading to regulation 33 (notification of relevant decision) for “Authority” substitute “PRA”;

j

in regulation 48 (non-EEA countries), for “Authority” in each place it appears substitute “PRA”.