Regulation 4 Mandatory provisions - appointment of independent valuer

United Kingdom

F1(1)

A third party compensation order in relation to a partial property transfer must include provision for a person (“an independent valuer”) to be appointed to determine—

F2(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,

(and, by virtue of section 59(3)(a) of the Act, sections 54 to 56 (appointment etc. of independent valuer) apply to the independent valuer appointed in accordance with this regulation).

F3(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

Textual amendments

F1: Reg. 4(1): reg. 4 renumbered as reg. 4(1) (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(4)(a)
F2: Reg. 4(1)(a) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(4)(a)
F3: Reg. 4(2) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(4)(b)

Marginal citations

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