{
  "url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-53",
  "json_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-53.json",
  "legislation": "ukdsi/2017/9780111160596",
  "legislation_title": "The Risk Transformation Regulations 2017",
  "legislation_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017",
  "path": "regulation/53",
  "kind": "regulation",
  "number": "53",
  "heading": "Movement of assets from a cell to core",
  "text": "(1) Where an asset is recorded in the records and accounts of a protected cell company as an asset held by the protected cell company on behalf of a cell, the protected cell company may only amend its records and accounts so as to reallocate that asset to the core where—\n(a) the amendment is made pursuant to a contract which the protected cell company has entered into on behalf of the cell and the core;\n(b) the records and accounts mistakenly allocate the asset to the cell and the amendment corrects that mistake;\n(c) the asset is deemed to be moved to the core by virtue of regulation 179(1)(c) (dissolution of a cell: effect on property and liabilities);\n(d) the following conditions are satisfied—\n(i) the protected cell company previously assumed a risk or a succession of risks from an undertaking, or risks from a succession of undertakings, on behalf of the cell or, if the cell is a member of a group of cells, on behalf of any of the cells in that group of cells;\n(ii) the protected cell company no longer has any liability to that undertaking or those undertakings on behalf of the cell or, if the cell is a member of a group of cells, on behalf of any of the cells in that group; and\n(iii) all the investors holding investments issued on behalf of the cell have been paid in full; or\n(e) the amendment is made pursuant to an order of the court.\n(2) An amendment made in contravention of paragraph (1) has no effect.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/53",
    "retrieved_at": "2026-10-30T15:06:04.488256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}