The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 No. 632

PART 2 U.K. Amendments to the Act

CHAPTER 5 U.K. Part 7 of the Act: control of business transfers

Section 105 (insurance business transfer schemes) U.K.

32.—(1) Section 105 (insurance business transfer schemes) is amended as follows.

(2) In subsection (1)—

(a) in paragraph (a) for “one of the conditions” substitute “ the condition ”;

(b) in paragraph (b) for “an EEA State” substitute “ the United Kingdom [F1 or Gibraltar] ”.

(3) For subsection (2) M1 substitute—

“(2) The condition is that the whole or part of the business carried on in the United Kingdom by an authorised person who has permission to effect or carry out contracts of insurance (“the transferor concerned”) is to be transferred to another body (“the transferee”).”.

(4) In subsection (3) M2 —

(a) omit Case 2;

(b) in Case 3—

(i) in paragraph (b) for “(none of which is an EEA State)” substitute “ outside the United Kingdom ”;

(ii) in paragraph (b) for “an EEA State”, in the second place it occurs, substitute “ the United Kingdom ”;

(iii) in paragraph (c) for “other than an EEA State” substitute “ outside the United Kingdom ”.

(5) In subsection (4) M3 omit “2,”.

Textual Amendments

F1 Words in reg. 32(2)(b) inserted (31.12.2020 immediately before IP completion day) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 9(2); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Reg. 32 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

M1 Subsection (2) was amended by S.I. 2007/3253 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

M2 Subsection (3) was amended by S.I. 2007/3253 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

M3 Subsection (4) was amended by S.I. 2007/3253.