Designation as a government administered client money protection scheme
This section has no associated Explanatory Memorandum
6.—(1) The Secretary of State may designate a government administered client money protection scheme for the purposes of regulations under section 133 of the 2016 Act if the Secretary of State considers that it satisfies the conditions set out in regulation 5(1)(a), (c) and (d).
(2) An amendment to a government administered client money protection scheme (“amendment”) is not effective unless approved in writing by the Secretary of State.
(3) The Secretary of State may only approve an amendment if the Secretary of State considers that the scheme as amended would satisfy the conditions set out in regulation 5(1)(a), (c) and (d).