- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations are part of the implementation of the Investor Compensation Schemes Directive (Directive 97/9/EC of 3 March 1997) (“the ICD”).
Regulation 2 provides that where an investment firm is a participant in a compensation scheme set up under the section 43 listing conditions, the operator of that scheme is subrogated to the rights of claimants against the investment firm to the extent of the payment of compensation made by the scheme to the investor. The regulation implements article 12 of the ICD which provides that schemes which make payments in order to compensate investors shall have the right of subrogation to the rights on those investors in liquidation proceedings for amounts equal to their payments.
Regulations 3 and 4 amend the Building Societies Act 1986 (c. 53) and the Banking Act 1987 (c. 22) respectively to enable the Boards administering the compensation schemes set up under those statutes to reject a claim if the claim is covered by the scheme established under sections 43 or 54 of the Financial Services Act. This gives effect to article 2.3 of the ICD which stipulates that no claim should be eligible for compensation under both a scheme designed to implement the ICD and one designed to implement the Deposit Guarantee Schemes Directive (Directive 94/19/EC of 30 May 1994).
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