Paragraph 1 InterpretationI1

In this Schedule—

• “the 2001 Regulations” means the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 M1;

• “the 2001 Order” means the Financial Services and Markets Act 2000 (Control of Business Done at Lloyd's) Order 2001 M2;

• “the Act” means the Financial Services and Markets Act 2000;

• “transitional insurance business transfer scheme” means an insurance business transfer scheme which satisfies both of the following conditions—

  1. (a)

     Condition 1 is that, before exit day, the relevant fee has been paid;

  2. (b)

     Condition 2 is that a person has, before F1IP completion day, been nominated or approved under section 109(2)(b) of the Act (nomination or approval of person to make scheme report by appropriate regulator) M3.

In Condition 1 of the definition of “transitional insurance business transfer scheme” in sub-paragraph (1) the “relevant fee” means the fee required to be paid by a person applying for an insurance business transfer scheme under Part 7 of the Act under any provision of the Fees Part of the rulebook made by the PRA under the Act in force immediately before F2IP completion day.