Related provisions for SUP 18.2.22
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The suitability of a person to act as an independent expert depends on the nature of the scheme and the firms concerned. On the basis of the preliminary information supplied by the scheme promoters (and any other knowledge it has of the circumstances and the firms), the appropriate regulator7 will consider what skills are needed to make a proper report on the scheme and what criteria should therefore be applied to the choice of independent expert. The appropriate regulator7 will
Under section 107(2) of the Act, the application to the court may be made by the transferor or the transferee or both. As soon as reasonably practical, the intended applicant should choose their nominee for independent expert in the light of any criteria advised by the appropriate regulator. The intended applicant(s) should then advise the appropriate regulator of their choice, unless the appropriate regulator7 wishes them to defer nomination or to make its own nomination. The
The regulators7 may wish to have preliminary discussions with the nominee about the transfer before the appropriate regulator determines if7 he is suitably qualified to address issues arising from the transfer. The regulators7 will consider the suitability of the nominee and the appropriate regulator will7 inform the firm that nominated him whether he has been approved7. Since the nature of the scheme is a factor in determining the suitability of the nominee, the appropriate regulator7
There may be matters relating to the scheme or the parties to the transfer that the regulators wish7 to draw to the attention of the independent expert. The regulators7 may also wish the report to address particular issues. The independent expert should therefore contact the regulators7 at an early stage to establish whether there are such matters or issues. The independent expert should form his own opinion on such issues, which may differ from the opinion of the regulators7
The scheme report will be an important factor in the view each of the regulators7 forms on a scheme. Considerable reliance will be placed7 on the opinions of the independent expert and the reasons for them. However each regulator7 will form its own view taking into account other relevant7 information and having regard to its statutory objectives.777