Commentary on Sections Part 7: Final Section 153: Transfer schemes
648.This section makes provision in respect of powers in the Act to make transfer schemes. Transfer schemes are used to transfer property, rights and liabilities from one person to another in an efficient and coordinated manner. The Act contains several transfer scheme powers: Schedule 1 concerns transfers from one CFD counterparty to another, paragraph 16 of Schedule 2 concerns transfers relating to investment contracts, Schedule 3 concerns the transfer of EMR functions from the national system operator to a different delivery body, Schedule 11 concerns transfers to the Office for Nuclear Regulation and Schedule 13 concerns transfers relating to the Oil and Pipelines Agency.
649.Subsections (2) to (4) enable the Secretary of State to modify transfer schemes. Modifications made after a transfer scheme has taken effect may only be made by agreement with those affected by the modification. Modifications come into effect on a date decided by the Secretary of State. That date may be the date on which the original transfer scheme took effect.
650.Subsection (5) sets out the full scope of transfer scheme powers.