This section has no associated Explanatory Notes
6(1)Section 107 (application for order sanctioning transfer scheme) is amended as follows.U.K.
(2)In subsection (1), for “or a reclaim fund business transfer scheme” substitute “ , a reclaim fund business transfer scheme or a ring-fencing transfer scheme ”.
(3)After subsection (2) insert—
“(2A)An application relating to a ring-fencing transfer scheme may be made only with the consent of the PRA.
(2B)In deciding whether to give consent, the PRA must have regard to the scheme report prepared under section 109A in relation to the ring-fencing transfer scheme.”
Commencement Information
I1Sch. 1 para. 6 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1