The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 No. 710

SCHEDULEU.K.Transitional provision: insurance business transfer schemes

InterpretationU.K.

1.—(1) In this Schedule—

“the 2001 Regulations” means the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 M1;

“the 2001 Order” means the Financial Services and Markets Act 2000 (Control of Business Done at Lloyd's) Order 2001 M2;

“the Act” means the Financial Services and Markets Act 2000;

“transitional insurance business transfer scheme” means an insurance business transfer scheme which satisfies both of the following conditions—

(a)

Condition 1 is that, before exit day, the relevant fee has been paid;

(b)

Condition 2 is that a person has, before [F1IP completion day], been nominated or approved under section 109(2)(b) of the Act (nomination or approval of person to make scheme report by appropriate regulator) M3.

(2) In Condition 1 of the definition of “transitional insurance business transfer scheme” in sub-paragraph (1) the “relevant fee” means the fee required to be paid by a person applying for an insurance business transfer scheme under Part 7 of the Act under any provision of the Fees Part of the rulebook made by the PRA under the Act in force immediately before [F2IP completion day].

Textual Amendments

F1Words in Sch. para. 1(1) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(i)

F2Words in Sch. para. 1(2) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(ii)

Commencement Information

I1Sch. para. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M1S.I. 2001/3625; as amended by S.I. 2007/3255, 2008/1467, 2009/1390, 2011/1265, 2013/472 and 2015/575.

M2S.I. 2001/3626; as amended by S.I. 2008/1725, 2013/472, 2013/1765.

M3Section 109 was amended by paragraph 3 of Schedule 6 to the Financial Services Act 2012 (c. 21).