Section 59 OverviewI1
England, Wales and Scotland Not yet in force
This Part—
contains a regulatory framework for superfunds, and
prohibits superfund transfers except where made in accordance with that framework.
This Chapter defines key concepts such as “superfund scheme”, “superfund”, “superfund transfer” and “capital buffer”.
Chapter 2 allows for authorisation of superfunds by the Regulator, which is an initial step that must be taken before a scheme is eligible to receive superfund transfers.
Chapter 3 requires the Regulator’s approval for individual superfund transfers and sets out the criteria for granting approval.
Chapter 4 sets out requirements that superfunds must meet on an ongoing basis once they have received a superfund transfer.
Chapter 5 contains special procedures which apply if an “event of concern” (such as a superfund falling into financial difficulties or breaching regulatory requirements) takes place.
Chapter 6 makes provision about interpretation of this Part and confers power to extend this Part to other similar structures.
Annotations
Commencement
- I1
S. 59 not in force at Royal Assent, see s. 133(7)