Regulation 83 Interim scheme administrator
This regulation applies where condition 1 or condition 2 is met.
Condition 1 is that the Welsh Ministers have not previously appointed a person as the deposit management organisation and 30 September 2027 has not elapsed.
Condition 2 is that—
the Welsh Ministers revoke a person’s appointment as the deposit management organisation (the “outgoing DMO”), and
the revocation takes effect before another person is appointed as the deposit management organisation.
The Welsh Ministers may—
carry out DMO functions not listed in paragraph (11) during the interim period, or
appoint another person to carry out those functions during the interim period.
A person’s appointment under paragraph (4)(b) as interim scheme administrator may be subject to such conditions (if any), by notice in writing, as the Welsh Ministers consider appropriate.
The Welsh Ministers may, by notice in writing, vary or revoke any condition to which an interim scheme administrator appointed under paragraph 4(b) is subject.
An interim scheme administrator appointed under paragraph (4)(b) must comply with any conditions imposed by the Welsh Ministers under this regulation.
A person’s appointment under paragraph (4)(b) as interim scheme administrator—
must be revoked by the Welsh Ministers by notice in writing within 3 months of receipt of a notice from that person stating that the person wishes to cease to be the interim scheme administrator;
may be revoked by the Welsh Ministers, by notice in writing, as they consider appropriate.
The Scheme applies during the interim period with the modifications set out in paragraphs (10) to (12).
References to the deposit management organisation in these Regulations are to be read as a reference to the interim scheme administrator, except for those provisions listed in paragraph (11).
The provisions listed in this paragraph are—
regulation 1 (title and coming into force),
regulation 9 (general interpretation),
regulation 51 (the deposit management organisation),
regulation 52 (conditions),
regulation 55 (reserve fund),
regulation 82 (revocation of a person’s appointment as the deposit management organisation),
regulation 83 (interim scheme administrator),
regulation 99 (right of appeal),
regulation 101 (status pending appeal: decision to refuse a person’s application to be appointed as the deposit management organisation),
regulation 102 (status pending appeal: decision to revoke a person’s appointment as the deposit management organisation), and
Schedule 5 (appointment etc. of the deposit management organisation).
Where the Welsh Ministers carry out any DMO functions during the interim period—
regulation 53 (operational plan) is treated as omitted so far as it relates to the approval of revisions to the operational plan;
regulation 54 (annual report) is to be read as if there were substituted—
“54(1)The Welsh Ministers must prepare an annual report for the scheme year in question.
(2)The annual report must set out how, and the extent to which, the Welsh Ministers have, in the relevant scheme year, acted in accordance with the operational plan.
(3)The annual report must be prepared as soon as reasonably practicable, and in any event within a period of 6 weeks beginning with the day after the final day of the scheme year to which it relates.”;
regulation 105 (annual reports from deposit management organisation) is treated as omitted.
In this regulation—
where condition 1 is met, “interim period” means the period—
beginning on the day this regulation comes into force, and
ending at the end of the day preceding the day on which the Welsh Ministers first appoint a person as the deposit management organisation under regulation 51(1);
where condition 2 is met, “interim period” means the period—
beginning with the revocation date, and
ending at the end of the day preceding the day on which the next appointment of a person as the deposit management organisation takes effect;
“revocation date” means the date on which the revocation of the outgoing DMO’s appointment takes effect.