The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005

This section has no associated Explanatory Memorandum

109.  In the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005(1)—

(a)in regulation 2(1) (interpretation)—

(i)insert in the appropriate places—

““the FCA” means the Financial Conduct Authority;

“the PRA” means the Prudential Regulation Authority;”

(ii)in the definition of “relevant trust fund”, for “Authority” substitute “FCA or the PRA”;

(b)in regulation 6 (application for a Lloyd’s market reorganisation order)—

(i)in paragraph (1), for “the Authority” substitute “the PRA”;

(ii)after paragraph (1) insert—

“(1A) Before making an application under paragraph (1), the PRA must consult the FCA.”;

(iii)in paragraph (3), for “The Authority” substitute “The FCA, the PRA”;

(c)in regulation 7 (powers of the court)—

(i)in paragraph (3), for “Authority” in each place it appears substitute “PRA”;

(ii)in paragraph (5), for “and the Authority” substitute “, the FCA and the PRA”;

(d)in regulation 8(12) (moratorium), for “Authority” substitute “PRA”;

(e)in regulation 10 (announcement of appointment of controller), for “the Authority” in each place it appears, substitute “the PRA”;

(f)in regulation 11 (market reorganisation plan), for “Authority” in each place it appears substitute “PRA”;

(g)in regulation 14 (revocation of an order under regulation 13), for “Authority” substitute “PRA”;

(h)in regulation 31 (payments from central funds), for “Authority” in each it appears substitute “PRA”;

(i)in the heading to regulation 33 (notification of relevant decision) for “Authority” substitute “PRA”;

(j)in regulation 48 (non-EEA countries), for “Authority” in each place it appears substitute “PRA”.