C1Part 1Special Resolution Regime
Compensation
I149Orders
1
This Part provides three methods of protecting the financial interests of transferors and others in connection with share transfer instruments and orders and property transfer instruments.
2
A “compensation scheme order” is an order —
a
establishing a scheme for determining whether transferors should be paid compensation, or providing for transferors to be paid compensation, and
b
establishing a scheme for paying any compensation.
3
A “resolution fund order” is an order establishing a scheme under which transferors become entitled to the proceeds of the disposal of things transferred—
a
in specified circumstances, and
b
to a specified extent.
4
A “third party compensation order” is provision made in accordance with section 59 for compensation to be paid to persons other than transferors.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2