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Financial Services (Banking Reform) Act 2013

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8After section 109 insert—E+W+S+N.I.

109AScheme reports: ring-fencing transfer schemes

(1)An application under section 106B in respect of a ring-fencing transfer scheme must be accompanied by a report on the terms of the scheme (a “scheme report”).

(2)A scheme report may be made only by a person—

(a)appearing to the PRA to have the skills necessary to enable the person to make a proper report, and

(b)nominated or approved for the purpose by the PRA.

(3)A scheme report must be made in a form approved by the PRA.

(4)A scheme report must state—

(a)whether persons other than the transferor concerned are likely to be adversely affected by the scheme, and

(b)if so, whether the adverse effect is likely to be greater than is reasonably necessary in order to achieve whichever of the purposes mentioned in section 106B(3) is relevant.

(5)The PRA must consult the FCA before—

(a)nominating or approving a person under subsection (2)(b), or

(b)approving a form under subsection (3).

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