# Financial Services and Markets Act 2000, Section 109: Scheme reports: insurance business transfer schemes

Extent: E+W+S+N.I.

(1) An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).
(2) A scheme report may be made only by a person—
(a) appearing to the appropriate regulator to have the skills necessary to enable him to make a proper report; and
(b) nominated or approved for the purpose by the appropriate regulator.
(3) A scheme report must be made in a form approved by the appropriate regulator.
(4) Where the appropriate regulator is the PRA, it must consult the FCA before—
(a) nominating or approving a person under subsection (2)(b), or
(b) approving a form under subsection (3).
(5) Subsection (6) applies where the appropriate regulator is the FCA and either—
(a) the transferee is a PRA-authorised person, or
(b) the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.
(6) The FCA must consult the PRA before—
(a) nominating or approving a person under subsection (2)(b), or
(b) approving a form under subsection (3).

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/109 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-109
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.