104. Schedule 12 to the Act (transfer schemes: certificates) is amended as follows.
Commencement Information
I1Reg. 104 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
105. For paragraph 1 M1 (insurance business transfer schemes) substitute—
“1. For the purposes of section 111(2) the appropriate certificate, in relation to an insurance business transfer scheme, is a certificate under paragraph 2.”.
Commencement Information
I2Reg. 105 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Paragraph 1 was amended by S.I. 2007/3253 and 2015/575 and paragraph 10 of Schedule 6 to the Financial Services Act 2012 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013 (c. 33).
106.—(1) Paragraph 2 (certificates as to margin of solvency) is amended as follows.
F1(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In sub-paragraph (6)—
(a)omit paragraphs (a) and (aa) M2;
(b)in paragraph (c) M3 omit “(a), (aa) or”;
(c)in paragraph (c)(i) and (ii) M4 omit, in each place it occurs, “or with permission under Schedule 4”.
(4) Omit sub-paragraphs (7A) and (9) M5.
Textual Amendments
F1Reg. 106(2) omitted (31.12.2020 immediately before IP completion day) by virtue of The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 9(6); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I3Reg. 106 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M2Paragraph (a) was amended by S.I. 2007/3253; paragraph (aa) was substituted by S.I. 2015/575.
M3Paragraph (c) was amended by S.I. 2007/3253.
M4Paragraphs (c)(i) and (ii) were substituted by paragraph 11(4) of Schedule 6 to the Financial Services Act 2012.
M5Sub-paragraphs (7A) and (9) were substituted by S.I. 2015/575.
107. Omit paragraphs 3 to 6 M6 (further provisions on certificates).
Commencement Information
I4Reg. 107 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M6Paragraph 3A was inserted by S.I. 2015/575; paragraph 5A was inserted by S.I. 2007/3253.
108. For paragraph 7 M7 (banking business transfer schemes) substitute—
“7. For the purposes of section 111(2) the appropriate certificate, in relation to a banking business transfer scheme, is a certificate under paragraph 8.”.
Commencement Information
I5Reg. 108 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M7Paragraph 7 was amended by paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
109. In paragraph 8 (certificates as to financial resources) in sub-paragraph (2) M8—
(a)in sub-paragraphs (a) and (aa) omit “or with permission under Schedule 4”;
(b)omit paragraph (b);
(c)in paragraph (c) for “(a), (aa) or (b)” substitute “ (a) or (aa) ”.
Commencement Information
I6Reg. 109 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M8Sub-paragraphs (a) and (aa) were substituted by paragraph 16(a) of Schedule 6 to the Financial Services Act 2012. Sub-paragraph (c) was amended by paragraph 16(b) of Schedule 6 to the Financial Services Act 2012.
110. Omit paragraph 9 M9 (certificates as to consent of home state regulator).
Commencement Information
I7Reg. 110 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M9Paragraph 9 was amended by paragraph 17 of Schedule 6 to the Financial Services Act 2012 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
111. For paragraph 9B M10 (ring-fencing transfer schemes) substitute—
“9B. For the purposes of section 111(2) the appropriate certificates, in relation to a ring-fencing transfer scheme, are—
(a)a certificate given by the PRA certifying its approval of the application, and
(b)a certificate under paragraph 9C.”.
Commencement Information
I8Reg. 111 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M10Paragraph 9B was inserted by paragraph 13 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
112. In paragraph 9C (certificate as to financial resources) in sub-paragraph (2) M11—
(a)in paragraph (a) omit “or with permission under Schedule 4”;
(b)omit paragraph (b);
(c)in paragraph (c) omit “or (b)”.
Commencement Information
I9Reg. 112 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M11Paragraph 9C was inserted by paragraph 13 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
113. Omit paragraph 9D M12 (certificate as to consent of home state regulator).
Commencement Information
I10Reg. 113 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M12Paragraph 9D was inserted by paragraph 13 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
114. In paragraph 10 (insurance business transfers effected outside the United Kingdom)—
(a)in sub-paragraph (1) for “any of the conditions in sub-paragraphs (2), (3) or (4)” substitute “ the condition in sub-paragraph (4) ”;
(b)omit sub-paragraphs (2) and (3) M13;
(c)in sub-paragraph (4) M14 for “a UK authorised person” to the end substitute “ a UK authorised person as defined in section 105(8) ”.
Commencement Information
I11Reg. 114 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M13Sub-paragraph (2) was amended by S.I. 2007/3253 and paragraph 19(2) of Schedule 6 to the Financial Services Act 2012; sub-paragraph (3) was substituted by S.I. 2015/575.
M14Sub-paragraph (4) was substituted by S.I. 2015/575.