C3C4C2C1C6C5C10C9C8C7C11C14C12C13C15C18C16C17PART 1Master Trusts

Annotations:
Modifications etc. (not altering text)

Ongoing supervision of Master Trust schemes

I1I3I216Duty to notify Regulator of significant events

1

Where a person mentioned in subsection (2) becomes aware of the fact that a significant event has occurred in relation to an authorised Master Trust scheme, the person must give notice of that fact, in writing, to the Regulator as soon as reasonably practicable.

2

The persons are—

a

a trustee of the scheme;

b

a person who (alone or with others) has power to appoint or remove a trustee;

c

a person who (alone or with others) has power to vary the terms of the trust under which the scheme is established (where the scheme is established under a trust);

d

a person who (alone or with others) has power to vary the scheme (where the scheme is not established under a trust);

e

a scheme funder;

f

a scheme strategist;

g

a person who provides legal, financial or actuarial advice in relation to the scheme;

h

a person who manages the scheme administration services;

i

a person acting in a capacity specified in regulations made by the Department.

3

The Department must make regulations setting out the events that constitute significant events for the purposes of this section.

4

No duty to which a person is subject is to be regarded as contravened merely because of any information provided to the Regulator under this section.

5

A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege could be maintained in legal proceedings.

6

Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with subsection (1).

7

The first regulations that are made under subsection (3) are subject to the confirmatory procedure.

8

Any subsequent regulations under subsection (3), and regulations under subsection (2), are subject to negative resolution.