Section 110 Right to participate in proceedings.C1

United Kingdom

F1(1)

On an application under section 107 F2relating to an insurance business transfer scheme, a banking business transfer scheme or a reclaim fund business transfer scheme, the following are also entitled to be heard—

F3(a)

the FCA,

(aa)

in the case of a scheme falling within subsection (2), the PRA, and

(b)

any person (including an employee of F4the transferor concerned or of the transferee) who alleges that he would be adversely affected by the carrying out of the scheme.

F5(2)

A scheme falls within this subsection if—

(a)

the transferor concerned or 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.

F6(3)

Subsections (4) and (5) apply where an application under section 107 relates to a ring-fencing transfer scheme.

(4)

The following are also entitled to be heard—

(a)

the PRA,

(b)

where the transferee is an authorised person, the FCA, and

(c)

any person (“P”) (including an employee of the transferor concerned or of the transferee) who alleges that P would be adversely affected by the carrying out of the scheme.

(5)

P is not entitled to be heard by virtue of subsection (4)(c) unless before the hearing P has—

(a)

filed (in Scotland, lodged) with the court a written statement of the representations that P wishes the court to consider, and

(b)

served copies of the statement on the PRA and the transferor concerned.

Annotations

Textual amendments

F1: S. 110 renumbered as s. 110(1) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 4(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 110(1) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 9(2); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F3: S. 110(1)(a)(aa) substituted for s. 110(1)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 4(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4: Words in Pt. 7 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F5: S. 110(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 4(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6: S. 110(3)-(5) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 9(3); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Modifications

C1: S. 110 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

Notes on Part VII

Modifications

C1: Pt. 7: power to amend conferred (1.9.2023) by Financial Services Act 2021 (c. 22), ss. 22(8)(a), 49(5); S.I. 2023/934, reg. 2(c)