[(1)] For the purposes of section 111(2) the appropriate certificate, in relation to a reclaim fund business transfer scheme, is a certificate given by the [relevant regulator] certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.
[(2) In this paragraph the “relevant regulator” means—
(a) if the transferee is a PRA-authorised person, the PRA;
(b) in any other case, the FCA.]]
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