http://www.legislation.gov.uk/uksi/2017/1212/regulation/102
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
Power of directors to allot shares102
1
The directors of a protected cell company may exercise any power of the protected cell company to—
a
allot shares issued on behalf of a part of the protected cell company; or
b
grant rights to subscribe for or to convert any security issued into such shares.
2
Paragraph (1) applies except to the extent that the protected cell company's instrument of incorporation provides otherwise.
3
A share may not be allotted at a discount to its nominal value.
4
If a share issued on behalf of a part of a protected cell company is allotted in contravention of paragraph (3), the allottee is liable to pay to the protected cell company on behalf of that part an amount equal to the amount of the discount.