Regulation 3 Approval or designation of a scheme
A scheme may be approved under section 64(2)(b)(i) of the Act only if it satisfies the conditions set out in the Schedule.
A scheme may be designated under section 64(2)(b)(ii) of the Act only if it satisfies the conditions set out in Part 1 of the Schedule.
The Secretary of State must notify the scheme administrator of an approval of a scheme under section 64(2)(b)(i) of the Act.
The Secretary of State must, where the scheme is to be administered on behalf of the Secretary of State, notify the scheme administrator of a designation of a scheme under section 64(2)(b)(ii) of the Act.
Once a scheme has been approved or designated under section 64(2)(b) of the Act, the Secretary of State may direct the scheme administrator to publish the scheme and, as appropriate—
a statement that the scheme has been approved under section 64(2)(b)(i) of the Act, or
a statement that the scheme has been designated under section 64(2)(b)(ii) of the Act.
The scheme administrator must not publish the scheme or the statement until the Secretary of State makes a direction under paragraph (5).
Where the administration of an approved scheme is transferred to the Secretary of State, or to a person acting on behalf of the Secretary of State, the scheme is to be treated as a designated scheme instead of an approved one.