1 Part 7 of FSMA 2000 (control of business transfer schemes) is amended as follows.
2 For "the authorised person concerned", wherever occurring in Part 7 (including Schedule 12), substitute "the transferor concerned".
(1) Section 103A (meaning of "the appropriate regulator") is amended as follows.
(2) In subsection (1), in paragraph (a), for "a scheme" substitute "a ring-fencing transfer scheme or a scheme (other than a ring-fencing transfer scheme)".
(3) At the end of subsection (2) insert -
"(d) in the case of a ring-fencing transfer scheme, means the body to whose business the scheme relates."
4 In section 106 (banking business transfer schemes), at the end of subsection (1)(c) insert "or a ring-fencing transfer scheme".
5 After section 106A insert -
"106B Ring-fencing transfer scheme
(1) A scheme is a ring-fencing transfer scheme if it -
(a) is one under which the whole or part of the business carried on -
(i) by a UK authorised person, or
(ii) by a qualifying body,
…