Part 2 The Manager of a Write-Down Order
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

Part 2 The Manager of a Write-Down Order

2

After Schedule 19 to FSMA 2000 (competition information), insert—

“SCHEDULE 19A
The Manager of a Write-Down Order

Section 377G

Application of Schedule

1

(1)     This Schedule applies where—

(a)     a write-down order has been made under section 377A in relation to an insurer, and

(b)     one or more persons have been appointed under section 377G to act as the manager of the order.

(2)     Where only one person acts as the manager, a reference in this Schedule to “the manager†is to that person.

(3)     Where two or more persons act jointly as the manager—

(a)     a reference in this Schedule to the manager is a reference to those persons acting jointly;

(b)     where an offence of omission is committed by the manager, each of the persons appointed to act jointly—

(i)     commits the offence, and

(ii)     may be proceeded against and punished individually.

(4)     Where persons act jointly in respect of only some of the functions of the manager, sub-paragraph (3) applies only in relation to those functions.

(5)     Where two or more persons act concurrently as the manager, a reference

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Enforcing a warrant of control

Enforcing a warrant of controlThis Practice Note has been produced by enforcement specialists, The Sheriffs Office. It guides users through the process of enforcing a warrant of control obtained from the County Court as a method of enforcing a money judgment; whereby the judgment creditor takes

LEXISNEXIS

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have not been living at the same address in the UK since 2017 but are in a genuine relationship. What effect will this have on their extension application?Immigration Rules, Part 8, para 319C sets out

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

Negligence—key elements to establish a negligence claim

Negligence—key elements to establish a negligence claimNegligence—what are the key ingredients to establish a claim in negligence?For liability in negligence to be founded, four key ingredients must be present:•duty of care•breach of that duty•damage (which is caused by the breach)•foreseeability of