- '(1) An application by the trustees or managers of an occupational pension scheme for approval under this section in relation to a European employer is made by the trustees or managers of the scheme giving the Regulator in the prescribed manner a notice ("the notice of intention") in the prescribed form which—
- (a) specifies the European employer ("the specified employer"),
- (b) states his intention, subject to approval under this section, to accept contributions from the specified employer,
- (c) specifies the host member State, and
- (d) contains other prescribed information.
§ (2) On receipt of the notice of intention, the Regulator must within 3 months—
- (a) where the Regulator is satisfies that the persons giving the notice of intention meet prescribed conditions—
- (i) notify the competent authority of the host member State of the receipt by the Regulator of the notice of intention and of the contents of the notice, and
- (ii) notify the persons who gave the notice of intention that they are approved for the purposes of this section in relation to the specified employer, or
- (b) in any other case, notify the persons who gave the notification that they are not so approved.
§ (3) If the Regulator does not act under subsection (2)(a) or (b) within the period of 3 months beginning with the day on which the notice of intention was received, the persons who gave the notice of intention are to be taken to have been approved for the purposes of this section in relation to the specified employer at the end of the period.
§ (4) Regulations may make provision as to—
- (a) the revocation by the Regulator of approval under this section, and
- (b) the criteria to be applied by the Regulator in reaching any decision relating to the revocation of approval.'.—[ Mr. Pond.]
§ Brought up, read the First and Second time, and added to the Bill.