Paragraph 3 Meaning of “financial management proposal”I1I2
England and Wales
In this Schedule “financial management proposal”, in relation to a higher-risk building, means a document setting out—
an estimate of the relevant expenses the regulator expects a special measures manager for the building to incur (including a reasonable amount in respect of contingencies),
the measures to which the relevant expenses relate, and
if there is more than one accountable person for the building—
the regulator's proposed apportionment of the relevant expenses between them, and
the reasons for that proposal (including any calculation giving rise to it).
In this Schedule “relevant expenses” means expenses incurred by the special measures manager for a higher-risk building in connection with the exercise of their functions in relation to the building.
Annotations
Commencement
- I1
Sch. 7 para. 3 in force at Royal Assent for specified purposes, see s. 170(2)(a)
- I2
Sch. 7 para. 3 in force at 16.1.2024 in so far as not already in force by S.I. 2024/40, reg. 2(u)