GEN 12 Guidance
1. Part 9 of the Regulatory Law ("Part 9") sets out provisions relating to financial services business transfer schemes ("transfer schemes"). Article 106 provides that no transfer scheme is to have effect unless a
Court order has been made in relation to the scheme. Article 108 provides that the Court may make an order sanctioning a transfer scheme.
DFSA may under Article 113 of the Regulatory Law make Rules providing for provisions of Part 9 to have effect in specified cases with modifications. This chapter sets out such Rules.
3. The intended effect of the Rules in this chapter when read with Part 9 is that:
(a) a Banking transfer scheme and an
Insurance transfer scheme (as defined in this chapter) must continue to comply with all relevant requirements in Part 9 and such a scheme does not take effect unless a Court order has been made in relation to it under Article 108; and
4. The Rules in this chapter do not prevent an
Authorised Firm or transferee applying for a Court order sanctioning a transfer scheme under Part 9 if they consider it appropriate to do so, for example, if the scheme is complex, is likely to be contentious or if additional legal certainty is sought.
Derived from DFSA RM155/2015 (Made 9th December 2015) [VER35/02-16]