Amendments proposed to the Financial Services and Markets Bill, As Amended - continued | House of Commons |
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Requirements on applicants
Mr Chancellor of the Exchequer NC19 To move the following Clause:'.(1) The Treasury may by regulations impose requirements on applicants under section (Application for order sanctioning transfer scheme). (2) The court may not determine an application under that section if the applicant has failed to comply with a prescribed requirement. (3) The regulations may, in particular, include provision
Scheme reports
Mr Chancellor of the Exchequer NC20 To move the following Clause:'.(1) An application under section (Application for order sanctioning transfer scheme) in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme ("a scheme report"). (2) A scheme report may be made only by a person
(3) A scheme report must be made in a form approved by the Authority.'.
Right to participate in proceedings
Mr Chancellor of the Exchequer NC21 To move the following Clause:'. On an application under section (Application for order sanctioning transfer scheme), the following are also entitled to be heard
Sanction of the court for business transfer schemes
Mr Chancellor of the Exchequer NC22 To move the following Clause:'.(1) This section sets out the conditions which must be satisfied before the court may make an order under this section sanctioning an insurance business transfer scheme or a banking business transfer scheme. (2) The court must be satisfied that
(3) The court must consider that, in all the circumstances of the case, it is appropriate to sanction the scheme.'.
Effect of order sanctioning business transfer scheme
Mr Chancellor of the Exchequer NC23 To move the following Clause:'.(1) If the court makes an order under section (Sanction of the court for business transfer schemes)(1), it may by that or any subsequent order make such provision (if any) as it thinks fit
(2) An order under subsection (1)(a) may
(3) If an order under subsection (1) makes provision for the transfer of property or liabilities
the transferee as a result of the order. (4) But if any property or liability included in the order is governed by the law of any country or territory outside the United Kingdom, the order may require the authorised person concerned, if the transferee so requires, to take all necessary steps for securing that the transfer to the transferee of the property or liability is fully effective under the law of that country or territory. (5) Property transferred as the result of an order under subsection (1) may, if the court so directs, vest in the transferee free from any mortgage or charge which is (as a result of the scheme) to cease to have effect. (6) An order under subsection (1) which makes provision for the transfer of property is to be treated as an instrument of transfer for the purposes of the provisions mentioned in subsection (7) and any other enactment requiring the delivery of an instrument of transfer for the registration of property. (7) The provisions are
(8) If the court makes an order under section (Sanction of the court for business transfer schemes)(1) in relation to an insurance business transfer scheme, it may by that or any subsequent order make such provision (if any) as it thinks fit
(9) If, in the case of an insurance business transfer scheme, the authorised person concerned is not an EEA firm, it is immaterial for the purposes of subsection (1)(a), (c) or (e) or subsection (2), (3) or (4) that the law applicable to any of the contracts of insurance included in the transfer is the law of an EEA State other than the United Kingdom. (10) The transferee must, if an insurance or banking business transfer scheme is sanctioned by the court, deposit two office copies of the order made under subsection (1) with the Authority within 10 days of the making of the order. (11) But the Authority may extend that period. (12) "Property" includes property, rights and powers of any description. (13) "Liabilities" includes duties. (14) "Shares" and "debentures" have the same meaning as in
Rights of certain policy holders
Mr Chancellor of the Exchequer NC24 To move the following Clause:'.(1) This section applies in relation to an insurance business transfer scheme if
(2) The court must direct that notice of the making of the order, or the execution of any instrument, giving effect to the transfer must be published by the transferee in the EEA State concerned. (3) A notice under subsection (2) must specify such period as the court may direct as the period during which the policyholder may exercise any right which he has to cancel the policy. (4) The order or instrument mentioned in subsection (2) does not bind the policyholder if
(5) The law of the EEA State concerned governs
(6) Paragraph 6 of Schedule (Business transfer schemes: certificates) applies for the purposes of this section as it applies for the purposes of that Schedule.'.
Codes: procedure
Mr Chancellor of the Exchequer NC25 To move the following Clause:'.(1) Before issuing a code under section 96, the Authority must publish a draft of the proposed code in the way appearing to the Authority to be best calculated to bring it to the attention of the public. (2) The draft must be accompanied by
(3) Before issuing the proposed code, the Authority must have regard to any representations made to it in accordance with subsection (2)(b). (4) If the Authority issues the proposed code it must publish an account, in general terms, of
(5) If the code differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant
(6) Subsections (1) to (5) do not apply if the Authority considers that there is an urgent need to publish the code. (7) Neither subsection (2)(a) nor subsection (5)(b) applies if the Authority considers
(8) The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1). (9) This section also applies to a proposal to alter or replace a code. (10) "Cost benefit analysis" means an estimate of the costs together with an analysis of the benefits that will arise
(11) "The appropriate comparison" means
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