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^f1).

Annotations

f1: 2009 c. 1; section 60B was inserted by the Financial Services (Banking Reform) Act 2013 (c. 33), Schedule 2, paragraph 6(8).