Regulation 6 Application for a Lloyd's market reorganisation order

United Kingdom

(1)

An application for a Lloyd's market reorganisation order may be made by F1the PRA or by the Society, or by both.

F2(1A)

Before making an application under paragraph (1), the PRA must consult the FCA.

(2)

If the application is made by only one of those bodies it must inform the other body of its intention to make the application as soon as possible, and in any event before the application is lodged at the court.

(3)

F3The FCA, the PRA and the Society are entitled to be heard at the hearing of the application, regardless of which body makes the application.

(4)

An application must clearly designate—

(a)

any member, former member, managing agent, members' agent, Lloyd's broker, or approved run-off company to whom the order should not apply; and

(b)

every coverholder to whom the order should apply.

(5)

The applicant must give notice of the application by—

(a)

ensuring the posting of a copy in the Room,

(b)

displaying a copy on its website, and

(c)

publishing a copy

(i)

in the Gazette, and

(ii)

in such newspaper or newspapers within the United Kingdom and elsewhere as the applicant considers appropriate to bring the application to the attention of those likely to be affected by it.

(6)

The notice must be given as soon as reasonably practicable after the making of the application, unless the court orders otherwise.

Annotations

Textual amendments

F1: Words in reg. 6(1) 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(b)(i)
F2: Reg. 6(1A) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 109(b)(ii)
F3: Words in reg. 6(3) 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(b)(iii)