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The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010 No. 2220

PART 1

The valuer

1.  The valuer is to hold and vacate office in accordance with the terms of his or her appointment.

2.  The Treasury may remove the valuer only on the ground of incapacity or serious misbehaviour.

3.  In the event of the death of the valuer, or if the valuer is removed from office or resigns, the Treasury (or a panel appointed by the Treasury) shall appoint a new valuer as soon as possible.

4.  The valuer shall be—

(a)paid such remuneration, and

(b)reimbursed such expenses,

as the Treasury may determine.

5.  The Treasury may appoint a person to verify the remuneration and expenses of the valuer.

6.  The valuer may appoint staff.

7.  The valuer shall determine the remuneration and other conditions of service of persons appointed under paragraph 6.

8.  Any determination under paragraph 7 shall require the approval of the Treasury.

9.  Valuers (and their staff) are neither servants nor agents of the Crown (and in particular are not civil servants).

10.  Records of a valuer in relation to his or her functions in connection with an appointment under these Regulations are public records for the purposes of the Public Records Act 1958(1).

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