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(a) at the end of sub-paragraph (a)(ii) omit "and";

(b) in sub-paragraph (a)(iii) after "any policy" insert "(other than a policy which evidences a contract of reinsurance)";

(c) after sub-paragraph (a)(iii) insert—


" (iv) where, as regards any policy included in the proposed transfer which evidences a contract of reinsurance, an EEA State other than the United Kingdom is the State in which the establishment of the policyholder to which the policy relates is situated at the date when the contract was entered into, in one business newspaper which is published or circulated in that EEA State; and".

    (3) In regulation 4(1) after "paragraph (2)" insert "or (3)".

    (4) In regulation 4(2) for "and (iii)" substitute ", (iii) and (iv)".

    (5) After regulation 4(2) insert—

    " (3) The requirement in regulation 3(2)(a)(iv) must be waived where an applicant demonstrates that he has notified all policyholders of contracts of reinsurance.".

Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
     3. —(1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001[3] are amended as follows.

    (2) In regulation 2 in the definition of "directive restrictions" after "third non-life insurance directive, " insert "articles 24 to 30 of the reinsurance directive, ".

    (3) In regulation 9(2)—

(a) at the end of sub-paragraph (d) omit "or";

(b) at the end of sub-paragraph (e) insert—


     " , or

(f) article 26 of the reinsurance directive".

    (4) In regulation 9(3)(b)—

(a) at the end of paragraph (iii) omit "or";

(b) at the end of paragraph (iv) insert—


     " , or

(v) article 16 of the reinsurance directive".

Amendments to the Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001
     4. —(1) The Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001[4] are amended as follows.

    (2) In regulation 2 after the definition of "EEA parent financial holding company" insert—

" "EEA reinsurance undertaking" means an EEA firm falling within paragraph 5(da) of Schedule 3 to the Act;".

    (3) In regulation 5(4)—

(a) at the end of sub-paragraph (c)(iii) omit "or";

(b) after sub-paragraph (c)(iii) insert—


" (iiia) an EEA reinsurance undertaking; or";



(c) in sub-paragraph (c)(iv) for "or (iii)" substitute ", (iii) or (iiia)".

Frank Roy

Alan Campbell
Two of the Lords Commissioners of Her Majesty's Treasury

19th November 2007

[2] S.I. 2001/3625.back

[3] S.I. 2001/2188, as amended by S.I. 2004/1273, 2004/3379, 2006/3221 and 2006/3413; there are other amending instruments but none is relevant.back

[4] S.I. 2001/2509, as amended by S.I. 2001/2509, 2003/2066 and 2004/1862; there are other amending instruments but none is relevant.back

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