{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-and-savings-business-transfers-order-2001/article-3",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-and-savings-business-transfers-order-2001/article-3.json",
  "legislation": "uksi/2001/3639",
  "legislation_title": "The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Business Transfers) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-and-savings-business-transfers-order-2001",
  "path": "article/3",
  "kind": "article",
  "number": "3",
  "heading": "Transfers of long term business",
  "text": "(1) In this article, a “relevant petition” means an application by petition which was made before commencement under paragraph 1(1) of Schedule 2C for an order sanctioning a transfer scheme, but which had not been determined before commencement.\n(2) Sub-paragraph (2) of paragraph 1 of Schedule 2C continues to apply to any scheme which is the subject of a relevant petition and which involves a compromise or arrangement of the kind specified in that sub-paragraph.\n(3) Except in the case of a scheme of the kind specified in paragraph (2), no order may be made under—\n(a) sections 425 to 427 of the Companies Act 1985; or\n(b) articles 418 to 420 of the Companies (Northern Ireland) Order 1986;\nin respect of so much of any compromise or arrangement as involves any transfer scheme which is the subject of a relevant petition.\n(4) Sub-paragraphs (1) to (5) of paragraph 2 of Schedule 2C continue to apply to a relevant petition.\n(5) Sub-paragraphs (1) to (6) of paragraph 3 of Schedule 2C continue to apply to a relevant petition, subject to the following modifications—\n(a) sub-paragraph (1) applies as if for sub-paragraph (a) there were substituted—\n“(a) it is satisfied that the transferee company is, or will be immediately after the making of the order—\n(i) a person who has Part IV permission, within the meaning of the Financial Services and Markets Act 2000, to effect and carry out contracts of long-term insurance of the class or classes to be transferred under the scheme; or\n(ii) authorised in accordance with Article 6 of the first long-term insurance Directive to carry on in an EEA State other than the United Kingdom long term business of the class or classes to be transferred under the scheme;”;\n(b) sub-paragraph (4)(b) applies as if for sub-paragraph (i) there were substituted—\n“(i) the transferee company has permission to effect and carry out contracts of long-term insurance involving commitments of that kind by virtue of qualifying for authorisation under Schedule 3 to the Financial Services and Markets Act 2000; and”; and\n(c) sub-paragraph (5) applies as if for sub-paragraphs (a) and (b) and for the words following those sub-paragraphs there were substituted—\n“(a) a person who has Part IV permission, within the meaning of the Financial Services and Markets Act 2000; or\n(b) a person who has permission, by virtue of qualifying for authorisation under Schedule 3 to that Act,\nto effect and carry out contracts of long-term insurance of the class or classes to be transferred under the scheme.”.\n(6) Paragraph 4 of Schedule 2C continues to apply where the court makes an order sanctioning a transfer scheme pursuant to a relevant petition.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1985 c. 6; amended by the Insolvency Act 1986 (c. 45) Schedule 6, paragraphs 11 and 12."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "S.I. 1986/1032 (N.I. 6)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/3639/article/3",
    "retrieved_at": "2026-10-29T07:24:39.630227+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."
}