Regulation 5 Notification to the scheme manager of problems with a compensation scheme member
The PRA must notify the scheme manager M1 in writing as soon as reasonably practicable if the PRA becomes aware that a compensation scheme member has financial difficulties which are likely to require the intervention of the scheme manager under compensation scheme rules in respect of eligible deposits M2.
Annotations
Marginal citations
- M1
“scheme manager” is defined in section 212(1) of FSMA.
- M2
“eligible deposits” is defined in point (4) of Article 2(1) of the deposit guarantee schemes directive.
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 18) 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)(xii)