Regulation 11 Market reorganisation plan

United Kingdom

(1)

The reorganisation controller may require any affected market participant, and any Lloyd's broker, approved run-off company, coverholder, the Society, subsidiary of the Society or trustee of a relevant trust fund—

(a)

to provide him with any information he considers useful to him in the achievement of the objectives set out in regulation 5; and

(b)

to carry out such work as may be necessary to prepare or organise information as the reorganisation controller may consider useful to him in the achievement of those objectives.

(2)

As soon as is reasonably practicable and in any event by such date as the court may require, the reorganisation controller must prepare a plan (“the market reorganisation plan”) for achieving the objectives of the Lloyd's market reorganisation order.

(3)

The reorganisation controller must send a copy of the market reorganisation plan to the F1PRA and to the Society.

(4)

Before the end of a period of one month beginning with the day on which it receives the market reorganisation plan, the PRA must notify the reorganisation controller and the Society in writing of its decision to—

(a)

approve the plan;

(b)

reject the plan; or

(c)

approve the plan provisionally, subject to modifications set out in the notification.

(5)

Where the PRA rejects the plan, the notification must—

(a)

give reasons for its decision; and

(b)

specify a date by which the reorganisation controller may submit a new market reorganisation plan.

(6)

Where the reorganisation controller submits a new market reorganisation plan, he must send a copy to the PRA and to the Society.

(7)

Before the end of a period of one month beginning with the day on which the PRA receives that plan, the PRA must—

(a)

accept it;

(b)

reject it; or

(c)

accept it provisionally subject to modifications.

(8)

Before the end of a period of one month beginning with the day on which he receives the notification from the PRA of the modifications required by it, the reorganisation controller must–

(a)

accept the plan as modified by the PRA; or

(b)

reject the plan as so modified.

(9)

The reorganisation controller must—

(a)

file with the court the market reorganisation plan that has been approved by him and the PRA, and

(b)

send a copy of it to—

(i)

every member, former member, managing agent and member's agent who requests it, and

(ii)

every other person who requests it, on payment of a reasonable charge.

(10)

Paragraph (11) applies if—

(a)

the PRA rejects the market reorganisation plan and the reorganisation controller decides not to submit a new market reorganisation plan;

(b)

the PRA rejects the new market reorganisation plan submitted by the reorganisation controller; or

(c)

the reorganisation controller rejects the modifications made by the PRA to a new market reorganisation plan.

(11)

As soon as is reasonably practicable after any such rejection, the reorganisation controller must apply to the court for directions.

(12)

The PRA or the reorganisation controller as the case may be may apply to the court for an extension of the period specified in paragraph (4), (7) or (8) by a period of not more than one month. The court may not grant more than one such extension in respect of each period.

(13)

Where any person is under an obligation to publish anything under this regulation, that obligation is subject to the provisions of sections 348 and 349 of the 2000 Act.

Annotations

Textual amendments

F1: Words in reg. 11 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 109(f)