# The Risk Transformation Regulations 2017, Regulation 53: Movement of assets from a cell to core


(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—
(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;
(b) the records and accounts mistakenly allocate the asset to the cell and the amendment corrects that mistake;
(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);
(d) the following conditions are satisfied—
(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;
(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
(iii) all the investors holding investments issued on behalf of the cell have been paid in full; or
(e) the amendment is made pursuant to an order of the court.
(2) An amendment made in contravention of paragraph (1) has no effect.

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Source: https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/53 (the official version)
Page: https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-53
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.