Regulation 5 Mandatory provisions: appointment of independent valuer

(1)

A relevant compensation order must include provision for a person (“an independent valuer”) to be appointed to determine—

(a)

whether all relevant persons, a class of relevant persons or a particular relevant person should be paid compensation, and

(b)

if compensation should be paid, what amount is to be paid.

(2)

In these Regulations, “relevant persons” means the pre-resolution shareholders and creditors (within the meaning of section 60B(3) of the Act M1).

Annotations

M1: 2009 c. 1; section 60B was inserted by the Financial Services (Banking Reform) Act 2013 (c. 33), Schedule 2, paragraph 6(8).

F1: Regulations revoked (14.12.2023 for the revocation of reg. 13) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(viii)