SCHEDULES

SCHEDULE 1U.K.Ring-fencing transfer schemes

9(1)Section 110 (right to participate in proceedings) is amended as follows.U.K.

(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.”

Commencement Information