Part VII Transfer Summary of Scheme & Scheme Report - Club restructure - September 2012
Section 109 of the Financial Services and Markets Act 2000 ('FSMA') requires that an application in respect of a proposed insurance business transfer be accompanied by a report from a suitably qualified person (the 'Independent Expert') on the proposed terms of that transfer. This document is a summary of that full report (the 'Report') on the Transfer but should not replace a full reading of the Report as, taken in isolation, it could be misleading.
The Report complies with the applicable rules on expert evidence and with the guidance for such reports set out in Chapter 18 of the FSA Supervision Handbook. The form of the Report has been approved by the FSA in accordance with Section 109 of FSMA and in the context of the Transfer.
This summary and the Report have been prepared solely for the purposes of the FSMA requirements in the context of the Transfer. This summary is subject to the same limitations as those set out in the Report, and in the event of any real or perceived conflict between this summary and the Report, the Report shall prevail.
The claimant Yuchai Dongte, a Chinese manufacturer, sought payment pursuant to a letter of credit (LC) which it said had been issued by the defendant on 10 March 2014. The defendant provided financial services and was a member of the SWIFT network - a global platform for secure financial messaging using common standards and forms, but it was not a bank.
The purpose of the ICA is to avoid lengthy and costly litigation on matters of liability and apportionment, and instead seeks to provide a ‘rough and ready’ split of liability between the parties. The Clubs recommend to their Members that they adopt the Agreement for the purpose of apportioning liability for claims in respect of cargo which arise under, out of or in connection with all charterparties on the NYPE Form 1946 or Asbatime Form 1981, whether or not this Agreement has been incorporated into such charterparties. However, unless the ICA is specifically incorporated into the charterparty, it may not be enforceable.
The new IMO global sulphur cap requirements enter force on 1st January 2020 and a robust and consistent approach to compliance is expected by all Port State Control (PSC) regimes.
