PART 3Amendments of primary and secondary legislation
Amendment of FSMA13
1
FSMA is amended as follows.
2
In section 55Z2 (notification of EBA) M1 after subsection (1) insert—
1A
A notification given in accordance with paragraph (a) or (c) of subsection (1) must contain a statement to the effect that the compensation scheme makes provision for cases where the credit institution concerned is unable, or likely to be unable, to satisfy claims against it.
3
In section 215 (rights of the scheme in insolvency), after subsection (2) insert—
2A
Any payment made by the scheme manager under section 214B(2) M2 in connection with the exercise of a stabilisation power in respect of a bank, building society or credit union is to be treated as a debt due to the scheme manager from that bank, building society or (as the case may be) credit union.
2B
4
In section 218A (regulators power to require information) M7, for subsection (1) substitute—
1
Each regulator may make rules enabling that regulator to require authorised persons to—
a
provide information to the scheme manager on the request of that regulator or the scheme manager; or
b
provide information to that regulator, which may then be made available to the scheme manager by that regulator.