The Risk Transformation Regulations 2017

(22H) (1) In this section— (a) “protected cell company” means a protected cell company incorporated under Part 4 of the Risk Transformation Regulations 2017 which has its registered office in England and Wales (or Wales) or Scotland; and (b) a reference to a part of a protected cell company is a reference to the core or a cell of the protected cell company (see regulations 42 and 43 of the Risk Transformation Regulations 2017). (2) This Act applies to protected cell companies as it applies to companies. (3) Accordingly, in this Act, references to a company are to be read as including references to a protected cell company. (4) As they apply in relation to protected cell companies, the provisions of this Act have effect with the following modifications— (a) references to the administration, insolvency, liquidation or winding up of a company are to be read as references to the administration, insolvency, liquidation or winding up of a part of a protected cell company; (b) references to striking off are to be read as including references to dissolution; (c) references to a director of a company which is or has been insolvent are to be read as references to the director of a protected cell company, a part of which is or has been insolvent; (d) references to a director of a company which is being or has been wound up are to be read as references to the director of a protected cell company, a part of which is being or has been wound up; (e) references to the court with jurisdiction to wind up a company are to be read as references to the court with jurisdiction to wind up the parts of a protected cell company; (f) references to the companies legislation are to be read as references to Part 4 of, and Schedules 1 to 3 to, the Risk Transformation Regulations 2017; (g) references to the Insolvency Act 1986 are to be read as references to that Act as applied by Part 4 of, and Schedules 1 to 3 to, the Risk Transformation Regulations 2017; (h) references to section 452 and 456 of the Companies Act 2006 are to be read as references to those sections as applied by regulation 163 of the Risk Transformation Regulations 2017; (i) references to the registrar of companies are to be read as references to the Financial Conduct Authority; and (j) references to an overseas company include references to a protected cell company incorporated under the Risk Transformation Regulations 2017 which has its registered office in Northern Ireland. (5) Where two or more parts of a protected cell company are or have been insolvent, then sections 6 to 7A and 8ZA to 8ZC apply in relation to each part separately. (6) A contribution to the assets of a protected cell company given in accordance with a compensation order under section 15A(1) or a compensation undertaking under section 15A(2) is to be held by the protected cell company on behalf of the part of the protected cell company specified in the order or undertaking.

Companies Act 2006

4

In the Companies Act 2006—

• (a) in section 1040 (companies authorised to register under the Companies Act 2006), in subsection (1), in paragraph (b), after sub-paragraph (iii), insert—

other than a company registered under Part 4 of the Risk Transformation Regulations 2017.

• (b) in section 1043 (unregistered companies), in subsection (1), after paragraph (d), insert—

(e) protected cell companies registered under Part 4 of the Risk Transformation Regulations 2017.

• (c) in section 1099 (the registrar's index of company names) , in subsection (3), after paragraph (e), insert—

(f) protected cell companies registered under Part 4 of the Risk Transformation Regulations 2017.

PART 2 — Consequential amendments to secondary legislation

The Company Directors Disqualification (Northern Ireland) Order 2002

5

In the Company Directors Disqualification (Northern Ireland) Order 2002 , after Article 25B (application of Order to credit unions) , insert—

(25C) (1) In this Article— (a) “protected cell company” means a protected cell company incorporated under Part 4 of the Risk Transformation Regulations 2017 which has its registered office in Northern Ireland; and (b) a reference to a part of a protected cell company is a reference to the core or a cell of the protected cell company (see regulations 42 and 43 of the Risk Transformation Regulations 2017). (2) This Order applies to protected cell companies as it applies to companies. (3) Accordingly, in this Order, references to a company are to be read as including references to a protected cell company. (4) As they apply in relation to protected cell companies, the provisions of this Order have effect with the following modifications— (a) references to the administration, insolvency, liquidation or winding up of a company are to be read as references to the administration, insolvency, liquidation or winding up of a part of a protected cell company; (b) references to striking off are to be read as including references to dissolution; (c) references to a director of a company which is or has been insolvent are to be read as references to the director of a protected cell company, a part of which is or has been insolvent; (d) references to a director of a company which is being or has been wound up are to be read as references to the director of a protected cell company, a part of which is being or has been wound up; (e) references to the companies legislation are to be read as references to Part 4 of, and Schedules 1 to 3 to, the Risk Transformation Regulations 2017; (f) references to the Insolvency (Northern Ireland) Order 1989 are to be read as references to that Order as applied by Part 4 of, and Schedules 1 to 3 to, the Risk Transformation Regulations 2017; (g) references to sections 452 and 456 of the Companies Act 2006 are to be read as references to those sections as applied by regulation 163 of the Risk Transformation Regulations 2017; (h) references to the registrar of companies are to be read as references to the Financial Conduct Authority; and (i) references to an overseas company include references to a protected cell company incorporated under the Risk Transformation Regulations 2017 which has its registered office in England and Wales (or Wales) or Scotland. (5) Where two or more parts of a protected cell company are or have been insolvent, then Articles 9 to 10A and 11A to 11C apply in relation to each part separately. (6) A contribution to the assets of a protected cell company given in accordance with a compensation order under Article 19A(1) or a compensation undertaking under Article 19A(2) is to be held by the protected cell company on behalf of the part of the protected cell company specified in the order or undertaking.

Unregistered Companies Regulations 2009

6

In the Unregistered Companies Regulations 2009 , in regulation 2 (interpretation), in sub-paragraph (a)—

• (a) at the end of sub-paragraph (iii), delete “or”;

• (b) at the end of sub-paragraph (iv), insert “ or ”;

• (c) after sub-paragraph (iv), insert—

(v) a protected cell company registered under Part 4 of the Risk Transformation Regulations 2017.

Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015

7

In the Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015 —

• (a) in regulation 16 (“limited” and permitted alternatives), in paragraph (1)—

• (i) at the end of sub-paragraph (d), delete “or”;

• (ii) at the end of sub-paragraph (e), insert “ or ”;

• (iii) after sub-paragraph (e), insert—

(f) a company registered under Part 4 of the Risk Transformation Regulations 2017 with that name.

• (b) in Schedule 2 (specified words, expressions and abbreviations), in paragraph 3, after sub-paragraph (w), insert—

(wa) “PROTECTED CELL COMPANY” or (with or without full stops) the abbreviations “PCC LIMITED” and “PCC LTD”; (wb) “CWMNI UNEDAU GWARCHODEDIG” or (with or without full stops) the abbreviations “CUG CYFYNGEDIG” and “CUG CYF”;

Signed

David Evennett — Mark Spencer — Two of the Lords Commissioners of Her Majesty's Treasury — 2017-12-05

Explanatory note

(This note is not part of these Regulations)

Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c. 68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment to section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51), regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L1, 3.11.1994, p.3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L1, 3.1.1994, p.572).

[^f00003]: 2000 c.8. “Regulated activity” is defined in section 22 of the Act, which has been amended by section 7(1) of the Financial Services Act 2012 (c.21).

[^f00004]: “PRA-regulated activity” is defined in section 22A of the Financial Services and Markets Act 2000, which was inserted by section 9 of the Financial Services Act 2012.

[^f00005]: Paragraph 2 has been amended by section 27(2)(a) of the Legislative and Regulatory Reform Act 2006.

[^f00006]: Section 55C was inserted by section 11(2) of the Financial Services Act 2012 (c.21). Section 284A was inserted by sections 31(1) and (2) of the Bank of England and Financial Services Act 2016 (c.14).

[^f00007]: Section 2(2) has been amended by section 27(2)(a) of the Legislative and Regulatory Reform Act 2006 and section 3(3) of, and the Schedule to, the European Union (Amendment) Act 2008.

[^f00008]: Paragraph 25 of Schedule 2 was amended by sections 8(1) and (2) of the Financial Services Act 2012.

[^f00009]: 2007 c. 29. There are amendments to section 207 which are not relevant to these Regulations.

[^f00010]: OJ no L76, 20.3.2015, p.23.

[^f00011]: 1986 c. 45.

[^f00012]: S.I. 1989/2405 (N.I. 19).

[^f00013]: 2000 c. 39.

[^f00014]: S.I. 2002/3152 (N.I. 6).

[^f00015]: 2016 asp 21.

[^f00016]: S.I. 2001/544.

[^f00017]: 1980 c. 46.

[^f00018]: S.I. 1979/582 (N.I.12); the definition of “solicitor” has been amended by the Constitutional Reform Act 2005 (c. 4) and by S.I. 2009/1604.

[^f00019]: 2006 c. 46. There are amendments to section 1173(1), but none are relevant to the definition of “working day”.

[^f00020]: Parts 1D and 1E of Schedule 6 were inserted by S.I. 2013/555.

[^f00021]: “Solvency 2 Directive” is defined by section 425 of, and paragraph 3 of Schedule 3 to, FSMA. It refers to Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

[^f00022]: Article 21A was inserted by S.I. 2002/1776.

[^f00023]: “Transformer vehicle” is defined in section 284A(1) of FSMA.

[^f00024]: A transformer vehicle carrying on the activity specified in article 13A of the Regulated Activities Order is not a reinsurance undertaking for the purposes of the Solvency 2 Directive and does not require authorisation in accordance with Article 14 of that Directive.

[^f00025]: Article 19 was amended by S.I. 2006/3384.

[^f00026]: S.I. 2013/556. Article 2 has been amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3329, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/680, S.I. 2016/715, S.I. 2016/936 and S.I. 2016/1023,

[^f00027]: Part 12 has been amended by S.I. 2009/534, S.I. 2011/1613, sections 6 and 26 of the Financial Services Act 2012, S.I. 2013/3115, S.I. 2014/3329, S.I. 2015/575, S.I. 2015/1755, section 16 of and schedule 2 to Bank of England and Financial Services Act 2016 and S.I. 2016/1239.

[^f00028]: Part 9A was inserted by section 24 of the Financial Services Act 2012. There are amendments to Part 9A which are not relevant to these Regulations.

[^f00029]: Article 211 has been amended by Directive 2014/51/EU (OJ no L153, 22.5.2014, p. 1).

[^f00030]: OJ no L145, 30.4.2004, p.1. There are amendments to the directive which are not relevant to these Regulations.

[^f00031]: OJ no L173, 12.6.2014, p. 349. There are amendments to the directive which are not relevant to these Regulations.

[^f00032]: Part 41 has been amended by S.I. 2009/2958 and S.I. 2009/3182.

[^f00033]: Section 55A was inserted by section 11 of the Financial Services Act 2012.

[^f00034]: Section 55F was inserted by section 11 of the Financial Services Act 2012.

[^f00035]: All the provisions specified in the first column of Table 1, with the exception of section 390, were inserted into FSMA by section 11 of the Financial Services Act 2012. There are amendments to those provisions which are not relevant to these Regulations.

[^f00036]: Note also the effect of regulation 7 on the PRA’s discretion under section 55F(4)(a) of FSMA.

[^f00037]: Section 390 has been amended by section 37 of and Schedule 9 to the Financial Services Act 2012 and S.I. 2010/22.

[^f00038]: Section 59 has been amended by sections 14 and 15 of and Schedule 5 to the Financial Services Act 2012, S.I. 2012/1906, sections 18 and 35 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016.

[^f00039]: Sections 60, 61 and 62 have been amended by sections 14 and 15 of and Schedules 4 and 5 to the Financial Services Act 2012, sections 20 to 23 of and schedule 4 to the Financial Services (Banking Reform) Act 2013, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016. Section 62A was inserted by section 24 of the Financial Services (Banking Reform) Act 2013 and amended by sections 21 and 23 of and Schedule 4 to the Bank of England and Financial Services Act 2016.

[^f00040]: 2016 c. 24.

[^f00041]: S.I. 2008/3229, as amended by section 3 of the Mental Health (Discrimination) Act 2013 (c. 8).

[^f00042]: Section 394A(2)(e) was inserted by S.I. 2012/2301.

[^f00043]: Section 441 was amended by S.I. 2008/393 and S.I. 2012/2301.

[^f00044]: Section 448(2)(e) was inserted by S.I. 2012/2301.

[^f00045]: Section 479A(2)(e) was inserted by S.I. 2012/2301.

[^f00046]: O.J. no L169, 30.06.2017, p.46.

[^f00047]: OJ No L169, 30.6.2017, p.46.

[^f00048]: 1993 c. 38.

[^f00049]: Section 137G was inserted by section 24 of the Financial Services Act 2012.

[^f00050]: 1995 c. 7.

[^f00051]: 2006 c. 46.

[^f00052]: OJ no L335, 17.12.2014, p.1.

[^f00053]: Section 170 was amended by section 89 of the Small Business, Enterprise and Employment Act 2015 (c. 26).

[^f00054]: 1995 c. 7.

[^f00055]: Section 435 was amended by section 261 and Schedule 27 to the Civil Partnership Act 2004 (c. 33), S.I. 2005/3129, S.I. 2009/1941 and S.I. 2016/1034.

[^f00056]: Section 76 has been amended by S.I. 2009/1941 and S.I. 2011/1265.

[^f00057]: Section 124 has been amended by section 62 of the Criminal Justice Act 1988 (c. 33), section 60 of the Companies Act 1989 (c. 40), S.I. 2002/1240, section 1 of and Schedule 1 to the Insolvency Act 2000, section 109 of the Courts Act 2003 (c. 39), section 50 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 45), S.I. 2006/2078, S.I. 2009/1941, S.I. 2013/496 and S.I. 2017/702.

[^f00058]: Article 104 has been amended by S.I. 2006/2078 and S.I. 2009/1941.

[^f00059]: Section 221 has been amended by S.I. 2002/1240 and S.I. 2009/1941.

[^f00060]: Paragraph 83 has been amended by sections 126 and 128 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

[^f00061]: The key subordinate legislation made under these powers is the Insolvency (England and Wales) Rules 2016, the Insolvency (Scotland) Rules 1986 and the Insolvency (Northern Ireland) Rules 1991. The Insolvency (Scotland) Rules 1986 and the Insolvency Rules (Northern Ireland) 1991 are in the process of being updated and revised.

[^f00062]: Paragraph 45 was inserted by S.I. 2008/1897.

[^f00063]: Paragraph 74 was amended by S.I. 2007/2974, S.I. 2008/948 and section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

[^f00064]: Paragraph 84 was amended by section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

[^f00065]: See rules 22.4 and 22.5 of the Insolvency (England and Wales) Rules 2016 and rule 4.80 of the Insolvency (Scotland) Rules 1986.

[^f00066]: See rule 4.238 of the Insolvency Rules (Northern Ireland) 1991.

[^f00067]: 1963 c. 18.

[^f00068]: 1963 c. 24 (N.I.).

[^f00069]: 1986 c. 46.

[^f00070]: Section 22G was inserted by section 39 of the Technical and Further Education Act 2017 (c.19).

[^f00071]: Section 456 has been amended by S.I. 2013/1970.

[^f00072]: Section 1099 has been amended by section 151 of and Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 (c.14).

[^f00073]: S.I. 2002/3150 (N.I. 4).

[^f00074]: Article 25B was inserted by section 7 of the Credit Unions and Co-operative and Communities Benefit Socities Act (Northern Ireland) 2016 (2016 c. 16 (N.I.)).

[^f00075]: S.I. 2009/2436.

[^f00076]: S.I. 2015/17.

[^f00083]: 1963 c. 18.

[^f00084]: 1963 c. 24 (N.I.).

[^f00085]: Part 25 was amended by S.I. 2013/600.

[^f00086]: Note that Part 25 of the Companies Act 2006 does not apply to certain charges over financial collateral. See regulation 4(4) of the Financial Collateral Arrangements (No 2) Regulations 2003.

[^f00087]: Section 515 has been amended by section 18 of and schedule 5 to the Deregulation Act 2015 (c. 20) and S.I. 2016/649.

[^f00088]: Section 518 has been amended by section 18 of and schedule 5 to the Deregulation Act 2015.

[^f00089]: Section 414C was inserted by S.I. 2013/1970.

[^f00090]: Section 518 has been amended by section 18 of and schedule 5 to the Deregulation Act 2015.

[^f00091]: Schedule B1 was inserted by section 248 of and schedule 16 to the Enterprise Act 2002 (ch. 40).

[^f00092]: Schedule B1 was inserted by Article 3 of, and Schedule 1 to, S.I. 2005/1455 (N.I. 10).

[^f00093]: Note that a protected cell company is not an “insurer” for the purposes of Part 24 of FSMA because it does not carry on the activity specified in Article 10 of the Regulated Activities Order. See the Financial Services and Markets Act 2000 (Insolvency) (Definition of “Insurer”) Order 2001 (S.I. 2001/2634 amended by S.I. 2002/1242).

[^f00094]: Part 4A was inserted by section 11 of the Financial Services Act 2012.

[^f00095]: Sections 202, 204 and 205 were amended by section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (c. 26). Section 204 was also amended by SSI 2016/141.

[^f00096]: Section 1022 was amended by section 119 or and Schedule 5 to the Land Registration etc (Scotland) Act 2012 (2012 asp 5).

[^f00097]: Section 400 was amended by section 37 of and Schedule 9 to the Financial Services Act 2012.

[^f00098]: Section 400 was amended by section 37 of and Schedule 9 to the Financial Services Act 2012.

[^f00099]: S.I. 2015/17.

Editorial notes

[^c23090171]: S.I. 2012/1759.

[^c23090181]: 1972 c. 68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment to section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51), regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L1, 3.11.1994, p.3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L1, 3.1.1994, p.572).

[^c23090191]: 2000 c.8. “Regulated activity” is defined in section 22 of the Act, which has been amended by section 7(1) of the Financial Services Act 2012 (c.21).

[^c23090201]: “PRA-regulated activity” is defined in section 22A of the Financial Services and Markets Act 2000, which was inserted by section 9 of the Financial Services Act 2012.

[^c23090211]: Paragraph 2 has been amended by section 27(2)(a) of the Legislative and Regulatory Reform Act 2006.

[^c23090221]: Section 55C was inserted by section 11(2) of the Financial Services Act 2012 (c.21). Section 284A was inserted by sections 31(1) and (2) of the Bank of England and Financial Services Act 2016 (c.14).

[^c23090231]: Section 2(2) has been amended by section 27(2)(a) of the Legislative and Regulatory Reform Act 2006 and section 3(3) of, and the Schedule to, the European Union (Amendment) Act 2008.

[^c23090241]: Paragraph 25 of Schedule 2 was amended by sections 8(1) and (2) of the Financial Services Act 2012.

[^c23090251]: 2007 c. 29. There are amendments to section 207 which are not relevant to these Regulations.

[^c23090261]: OJ no L76, 20.3.2015, p.23.

[^c23090271]: 1986 c. 45.

[^c23090281]: S.I. 1989/2405 (N.I. 19).

[^c23090291]: 2000 c. 39.

[^c23090301]: S.I. 2002/3152 (N.I. 6).

[^c23090311]: 2016 asp 21.

[^c23090321]: S.I. 2001/544.

[^c23090331]: 1980 c. 46.

[^c23090341]: S.I. 1979/582 (N.I.12); the definition of “solicitor” has been amended by the Constitutional Reform Act 2005 (c. 4) and by S.I. 2009/1604.

[^c23090351]: 2006 c. 46. There are amendments to section 1173(1), but none are relevant to the definition of “working day”.

[^c23090361]: Parts 1D and 1E of Schedule 6 were inserted by S.I. 2013/555.

[^c23090371]: “Solvency 2 Directive” is defined by section 425 of, and paragraph 3 of Schedule 3 to, FSMA. It refers to Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

[^c23090381]: Article 21A was inserted by S.I. 2002/1776.

[^c23090391]: “Transformer vehicle” is defined in section 284A(1) of FSMA.

[^c23090401]: A transformer vehicle carrying on the activity specified in article 13A of the Regulated Activities Order is not a reinsurance undertaking for the purposes of the Solvency 2 Directive and does not require authorisation in accordance with Article 14 of that Directive.

[^c23090411]: Article 19 was amended by S.I. 2006/3384.

[^c23090421]: S.I. 2013/556. Article 2 has been amended by S.I. 2013/1773, S.I. 2014/2879, S.I. 2014/3329, S.I. 2014/3348, S.I. 2015/1882, S.I. 2016/680, S.I. 2016/715, S.I. 2016/936 and S.I. 2016/1023,

[^c23090431]: Part 12 has been amended by S.I. 2009/534, S.I. 2011/1613, sections 6 and 26 of the Financial Services Act 2012, S.I. 2013/3115, S.I. 2014/3329, S.I. 2015/575, S.I. 2015/1755, section 16 of and schedule 2 to Bank of England and Financial Services Act 2016 and S.I. 2016/1239.

[^c23090481]: Part 41 has been amended by S.I. 2009/2958 and S.I. 2009/3182.

[^c23090491]: Section 55A was inserted by section 11 of the Financial Services Act 2012.

[^c23090501]: Section 55F was inserted by section 11 of the Financial Services Act 2012.

[^c23090511]: All the provisions specified in the first column of Table 1, with the exception of section 390, were inserted into FSMA by section 11 of the Financial Services Act 2012. There are amendments to those provisions which are not relevant to these Regulations.

[^c23090521]: Note also the effect of regulation 7 on the PRA's discretion under section 55F(4)(a) of FSMA.

[^c23090531]: Section 390 has been amended by section 37 of and Schedule 9 to the Financial Services Act 2012 and S.I. 2010/22.

[^c23090541]: Section 59 has been amended by sections 14 and 15 of and Schedule 5 to the Financial Services Act 2012, S.I. 2012/1906, sections 18 and 35 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016.

[^c23090551]: Sections 60, 61 and 62 have been amended by sections 14 and 15 of and Schedules 4 and 5 to the Financial Services Act 2012, sections 20 to 23 of and schedule 4 to the Financial Services (Banking Reform) Act 2013, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016. Section 62A was inserted by section 24 of the Financial Services (Banking Reform) Act 2013 and amended by sections 21 and 23 of and Schedule 4 to the Bank of England and Financial Services Act 2016.

[^c23090561]: 2016 c. 24.

[^c23090571]: S.I. 2008/3229, as amended by section 3 of the Mental Health (Discrimination) Act 2013 (c. 8).

[^c23090581]: Section 394A(2)(e) was inserted by S.I. 2012/2301.

[^c23090591]: Section 441 was amended by S.I. 2008/393 and S.I. 2012/2301.

[^c23090601]: Section 448(2)(e) was inserted by S.I. 2012/2301.

[^c23090611]: Section 479A(2)(e) was inserted by S.I. 2012/2301.

[^c23090641]: 1993 c. 38.

[^c23090651]: Section 137G was inserted by section 24 of the Financial Services Act 2012.

[^c23090661]: 1995 c. 7.

[^c23090671]: 2006 c. 46.

[^c23090681]: OJ no L335, 17.12.2014, p.1.

[^c23090691]: Section 170 was amended by section 89 of the Small Business, Enterprise and Employment Act 2015 (c. 26).

[^c23090701]: 1995 c. 7.

[^c23090711]: 1963 c. 18.

[^c23090721]: 1963 c. 24 (N.I.).

[^c23090731]: Part 25 was amended by S.I. 2013/600.

[^c23090741]: Note that Part 25 of the Companies Act 2006 does not apply to certain charges over financial collateral. See regulation 4(4) of the Financial Collateral Arrangements (No 2) Regulations 2003.

[^c23090751]: Section 515 has been amended by section 18 of and schedule 5 to the Deregulation Act 2015 (c. 20) and S.I. 2016/649.

[^c23090761]: Section 518 has been amended by section 18 of and schedule 5 to the Deregulation Act 2015.

[^c23090771]: Section 414C was inserted by S.I. 2013/1970.

[^c23090781]: Section 518 has been amended by section 18 of and schedule 5 to the Deregulation Act 2015.

[^c23090791]: Schedule B1 was inserted by section 248 of and schedule 16 to the Enterprise Act 2002 (ch. 40).

[^c23090801]: Schedule B1 was inserted by Article 3 of, and Schedule 1 to, S.I. 2005/1455 (N.I. 10).

[^c23090811]: Note that a protected cell company is not an “insurer” for the purposes of Part 24 of FSMA because it does not carry on the activity specified in Article 10 of the Regulated Activities Order. See the Financial Services and Markets Act 2000 (Insolvency) (Definition of “Insurer”) Order 2001 (S.I. 2001/2634 amended by S.I. 2002/1242).

[^c23090821]: Part 4A was inserted by section 11 of the Financial Services Act 2012.

[^c23090831]: Sections 202, 204 and 205 were amended by section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (c. 26). Section 204 was also amended by SSI 2016/141.

[^c23090841]: Section 1022 was amended by section 119 or and Schedule 5 to the Land Registration etc (Scotland) Act 2012 (2012 asp 5).

[^c23090851]: Section 400 was amended by section 37 of and Schedule 9 to the Financial Services Act 2012.

[^c23090861]: Section 400 was amended by section 37 of and Schedule 9 to the Financial Services Act 2012.

[^c23090871]: S.I. 2015/17.

[^c23090881]: Section 435 was amended by section 261 and Schedule 27 to the Civil Partnership Act 2004 (c. 33), S.I. 2005/3129, S.I. 2009/1941 and S.I. 2016/1034.

[^c23090891]: Section 76 has been amended by S.I. 2009/1941 and S.I. 2011/1265.

[^c23090901]: Section 124 has been amended by section 62 of the Criminal Justice Act 1988 (c. 33), section 60 of the Companies Act 1989 (c. 40), S.I. 2002/1240, section 1 of and Schedule 1 to the Insolvency Act 2000, section 109 of the Courts Act 2003 (c. 39), section 50 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 45), S.I. 2006/2078, S.I. 2009/1941, S.I. 2013/496 and S.I. 2017/702.

[^c23090911]: Article 104 has been amended by S.I. 2006/2078 and S.I. 2009/1941.

[^c23090921]: Section 221 has been amended by S.I. 2002/1240 and S.I. 2009/1941.

[^c23090931]: Paragraph 83 has been amended by sections 126 and 128 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

[^c23090941]: The key subordinate legislation made under these powers is the Insolvency (England and Wales) Rules 2016, the Insolvency (Scotland) Rules 1986 and the Insolvency (Northern Ireland) Rules 1991. The Insolvency (Scotland) Rules 1986 and the Insolvency Rules (Northern Ireland) 1991 are in the process of being updated and revised.

[^c23090951]: Paragraph 45 was inserted by S.I. 2008/1897.

[^c23090961]: Paragraph 74 was amended by S.I. 2007/2974, S.I. 2008/948 and section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

[^c23090971]: Paragraph 84 was amended by section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

[^c23090981]: See rules 22.4 and 22.5 of the Insolvency (England and Wales) Rules 2016 and rule 4.80 of the Insolvency (Scotland) Rules 1986.

[^c23090991]: See rule 4.238 of the Insolvency Rules (Northern Ireland) 1991.

[^c23091001]: 1963 c. 18.

[^c23091011]: 1963 c. 24 (N.I.).

[^c23091021]: 1986 c. 46.

[^c23091031]: Section 22G was inserted by section 39 of the Technical and Further Education Act 2017 (c.19).

[^c23091041]: Section 456 has been amended by S.I. 2013/1970.

[^c23091051]: Section 1099 has been amended by section 151 of and Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 (c.14).

[^c23091061]: S.I. 2002/3150 (N.I. 4).

[^c23091071]: Article 25B was inserted by section 7 of the Credit Unions and Co-operative and Communities Benefit Socities Act (Northern Ireland) 2016 (2016 c. 16 (N.I.)).

[^c23091081]: S.I. 2009/2436.

[^c23091091]: S.I. 2015/17.

[^key-de0b38be368a27d02e47db391a7a9647]: Reg. 158(4) omitted (24.3.2020) by virtue of The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020 (S.I. 2020/344), regs. 1(2), 8(2)(b)

[^key-31d103081a22fa8d836a62d28624bc72]: Reg. 158(5) omitted (24.3.2020) by virtue of The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020 (S.I. 2020/344), regs. 1(2), 8(2)(b)

[^key-576674c83ebef9014b71a7820f430f90]: Reg. 158(3)(3A) substituted for reg. 158(3) (24.3.2020) by The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020 (S.I. 2020/344), regs. 1(2), 8(2)(a)

[^key-7888565cba5d3501bfcdf8b68b96ebe2]: Reg. 2(4) inserted (31.12.2020) by The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-60b8fcdc7844a55a033fdd9b76c72d23]: Reg. 9 omitted (31.12.2020) by virtue of The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(3); 2020 c. 1, Sch. 5 para. 1(1)

[^key-e66c70c317b92ef7526efe5c46894a93]: Reg. 10(4)(b)(c)(d) omitted (31.12.2020) by virtue of The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(4)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)

[^key-c20232f3e3a2499ad3cffc5981c12bd9]: Reg. 10(1)(a) substituted (31.12.2020) by The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(4)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

[^key-ff63930cd83cea0ad7594014683bb94a]: Reg. 10(1)(b) substituted (31.12.2020) by The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(4)(a)(ii) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 47; 2020 c. 1, Sch. 5 para. 1(1)

[^key-9fc1f6d284c23b5d07db93013fdc5a9d]: Reg. 10(3) omitted (31.12.2020) by virtue of The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(4)(b); 2020 c. 1, Sch. 5 para. 1(1)

[^key-d68015a9d205b8d5163bba1d3241320c]: Words in reg. 10(4)(a) substituted (31.12.2020) by The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(4)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

[^key-8603decc51e933868aa5616d669d7162]: Reg. 10(4)(da) inserted (31.12.2020) by The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(4)(c)(iii); 2020 c. 1, Sch. 5 para. 1(1)

[^key-972d682f0973256d4e6d2a091821ef08]: Reg. 17(2)(b)(iii) substituted (31.12.2020) by The European Economic Interest Grouping (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1299), regs. 1, 68(a); 2020 c. 1, Sch. 5 para. 1(1)

[^key-cc8cd036e413b492e8a02c01aab1f4bf]: Words in reg. 17(3)(b) substituted (31.12.2020) by virtue of The European Economic Interest Grouping (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1299), regs. 1, 68(b); 2020 c. 1, Sch. 5 para. 1(1)

[^key-bb010ec7925b4833318088808b7b9ae0]: Words in reg. 37(7) substituted (31.12.2020) by The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(5); 2020 c. 1, Sch. 5 para. 1(1)

[^key-564844eacf40b1997a62c66bd57b1ea4]: Reg. 38 omitted (31.12.2020) by virtue of The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233), regs. 1(4), 2(6); 2020 c. 1, Sch. 5 para. 1(1)