Schedule 21, Part 1 Property, rights and liabilities of Financial Services Authority

Section 119(2).

Interpretation

1 In this Part of this Schedule  -

"the Bank" means the Bank of England;

"the FSA" means the Financial Services Authority.

Transfer schemes

2

(1) The FSA must make one or more schemes under this paragraph for the transfer of property, rights and liabilities of the FSA  -

(a) to the PRA or the Bank,

(b) to the PRA and the Bank, to be held jointly, or

(c) to the FSA and either the PRA or the Bank or both, to be held jointly.

(2) A scheme under this paragraph made by the FSA is not to be capable of coming into force unless it is approved by the Treasury.

(3) The FSA may not submit a scheme under this paragraph to the Treasury for their approval without the consent of the Bank.

(4) Sub-paragraph (5) applies if  -

(a) the FSA fails, before such time as may be notified to it by the Treasury as the latest time for submission of a scheme under this paragraph in connection with the transfer by or under this Act of specified functions of the FSA to the PRA, to

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