109 Scheme reports.U.K.
(1)An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).
(2)A scheme report may be made only by a person—
(a)appearing to the [F1appropriate regulator] to have the skills necessary to enable him to make a proper report; and
(b)nominated or approved for the purpose by the [F1appropriate regulator].
(3)A scheme report must be made in a form approved by the [F1appropriate regulator].
[F2(4)Where the appropriate regulator is the PRA, it must consult the FCA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).
(5)Subsection (6) applies where the appropriate regulator is the FCA and either—
(a)the transferee is a PRA-authorised person, or
(b)the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.
(6)The FCA must consult the PRA before—
(a)nominating or approving a person under subsection (2)(b), or
(b)approving a form under subsection (3).]
Textual Amendments
F1Words in s. 109 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2S. 109(4)-(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1S. 109 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)