Section 90 Regulator’s direction-making powers during period of concernI1
England, Wales and Scotland Not yet in force
The Regulator may during a period of concern direct a member of the superfund group or the trustees of the superfund scheme to do any or all of the following—
take a specified step that an approved response plan identifies as one which they are to take;
take a specified step that the Regulator considers likely to enable or facilitate the carrying out of an approved response plan;
if a person has failed to comply with section 88(1) or (3)(b) (requirement to propose response plan or revised response plan), take a specified step that the Regulator considers necessary or expedient for the purpose of responding to the event of concern in the interests of members of the superfund scheme;
ensure that for a specified period—
no payments are made out of the assets of the superfund scheme to or in respect of members;
no transfers of liabilities are made from the superfund scheme.
A direction under subsection (1)(c) may not require the provision of financial support to the superfund scheme.
A member of the superfund group, and the trustees of the superfund scheme, must comply with a direction given to them by the Regulator under this section; and if compliance with a direction results in a breach of the rules of the scheme, the breach is to be disregarded for all purposes.
If an approved response plan contemplates that a person will become the responsible body of a superfund, and that person agrees to become the responsible body, the Regulator may direct that that person is to become the responsible body from a specified time.
In this section, “specified” means specified (or of a description specified) in the direction.
See section 91 for further provision about directions under subsection (1)(d).
Annotations
Commencement
- I1
S. 90 not in force at Royal Assent, see s. 133(7)