Part VII

Control of Business Transfers

Rights to terminate etc.
112A
1
Subsection (2) applies where (apart from that subsection) a person would be entitled, in consequence of anything done or likely to be done by or under this Part in connection with an insurance business transfer scheme
, a banking business transfer scheme or a ring-fencing transfer scheme
—
a
to terminate, modify, acquire or claim an interest or right; or
b
to treat an interest or right as terminated or modified.
2
The entitlement—
a
is not enforceable in relation to that interest or right until after an order has been made under section 112(1) in relation to the scheme; and
b
is then enforceable in relation to that interest or right only insofar as the order contains provision to that effect.
3
Nothing in subsection (1) or (2) is to be read as limiting the scope of section 112(1).
S. 112A inserted (30.6.2008) by The Financial Services and Markets Act 2000 (Amendments to Part 7) Regulations 2008 (S.I. 2008/1468), reg. 2(3)
Pt. 7: power to amend conferred (1.9.2023) by Financial Services Act 2021 (c. 22), ss. 22(8)(a), 49(5); S.I. 2023/934, reg. 2(c)
Words in s. 112A(1) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 12; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1