PART 4Protected Cell Companies
CHAPTER 5Operation of a protected cell company
Creation of a cell59.
(1)
The time and date on which a cell is created by the protected cell company is to be determined in accordance with the provisions of the protected cell company's instrument of incorporation.
(2)
A protected cell company must notify the FCA when it creates a cell.
(3)
The notification must state—
(a)
the name or number of the cell; and
(b)
the time and date when the cell was created.
(4)
A protected cell company may not create a cell if the core of the protected cell company is in administration or liquidation (see regulation 167).
(5)
This regulation does not apply when a cell is deemed to have been created as a result of a Case 1 transfer scheme (within the meaning given by regulation 170).