Section 112A Rights to terminate etc.F1

United Kingdom

(1)

Subsection (2) applies where (apart from that subsection) a person would be entitled, in consequence of anything done or likely to be done by or under this Part in connection with an insurance business transfer scheme F2, a banking business transfer scheme or a ring-fencing transfer scheme—

(a)

to terminate, modify, acquire or claim an interest or right; or

(b)

to treat an interest or right as terminated or modified.

(2)

The entitlement—

(a)

is not enforceable in relation to that interest or right until after an order has been made under section 112(1) in relation to the scheme; and

(b)

is then enforceable in relation to that interest or right only insofar as the order contains provision to that effect.

(3)

Nothing in subsection (1) or (2) is to be read as limiting the scope of section 112(1).

Annotations

Textual amendments

F1: S. 112A inserted (30.6.2008) by The Financial Services and Markets Act 2000 (Amendments to Part 7) Regulations 2008 (S.I. 2008/1468), reg. 2(3)
F2: Words in s. 112A(1) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 12; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

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)