http://www.legislation.gov.uk/uksi/2017/1212/regulation/107
The Risk Transformation Regulations 2017
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Statute Law Database
FINANCIAL SERVICES AND MARKETS
2024-05-16
Expert Participation
2023-07-11
These Regulations make provision for transformer vehicles, within the meaning given by section 284A of the Financial Services and Markets Act 2001 (c. 8; section 284A was inserted by section 31 of the Bank of England and Financial Services Act 2016 (c. 14)). They are to be read with the Risk Transformation (Tax) Regulations 2017. Collectively, these Regulations facilitate and regulate the issue of insurance linked securities in the United Kingdom.
The Risk Transformation Regulations 2017
Regulations
Financial Services and Markets Act 2023
Sch. 1
Pt. 2
s. 1(4)
s. 86(3)
The Risk Transformation Regulations 2017
PART 4Protected Cell Companies
CHAPTER 9Shares and shareholders
SECTION 2Issue, allotment and alteration of share capital
Acquisition and redemption of shares issued by the core107
1
Where a protected cell company issues a share on behalf of the core, the protected cell company—
a
may not acquire or redeem the share on behalf of a cell; and
b
may only acquire or redeem the share on behalf of the core if—
i
the protected cell company has no cells; and
ii
immediately after the acquisition or redemption, there is at least one voting share issued by the protected cell company on behalf of the core.
2
But paragraph (1)(b)(ii) does not apply if the FCA has decided to strike the protected cell company off its register under regulation 180.
3
Where a protected cell company acquires or redeems a share issued on behalf of the core, the protected cell company must cancel that share.