SCHEDULES
SCHEDULE 1Ring-fencing transfer schemes
I19
1
Section 110 (right to participate in proceedings) is amended as follows.
2
In subsection (1), after “section 107” insert “
relating to an insurance business transfer scheme, a banking business transfer scheme or a reclaim fund business transfer scheme
”
.
3
After subsection (2) insert—
3
Subsections (4) and (5) apply where an application under section 107 relates to a ring-fencing transfer scheme.
4
The following are also entitled to be heard—
a
the PRA,
b
where the transferee is an authorised person, the FCA, and
c
any person (“P”) (including an employee of the transferor concerned or of the transferee) who alleges that P would be adversely affected by the carrying out of the scheme.
5
P is not entitled to be heard by virtue of subsection (4)(c) unless before the hearing P has—
a
filed (in Scotland, lodged) with the court a written statement of the representations that P wishes the court to consider, and
b
served copies of the statement on the PRA and the transferor concerned.