CHAPTER IVU.K. INDEPENDENCE OF VALUERS

Article 40U.K.Structural separation

1.The independent valuer shall be a person separate from any relevant public authority, including the resolution authority, and the relevant entity.

2.For the purposes of paragraph 1, the following requirements shall apply:

(a)in relation to natural persons, the independent valuer shall not be an employee or contractor of any relevant public authority or the relevant entity;

(b)in relation to legal persons, the independent valuer shall not belong to the same group of companies as any relevant public authority or the relevant entity.