(1) The regulators must by rules made in accordance with an order under subsection (1A) establish a scheme for compensating persons in cases where -

(a) relevant persons are unable, or likely to be unable, to satisfy claims against them,

(aa) relevant exchanges are unable, or likely to be unable, to satisfy claims made against them in connection with a regulated activity relating to a trading facility carried on by the exchange, or

(b) persons who have assumed responsibility for liabilities arising from acts or omissions of relevant persons or relevant exchanges ("successors") are unable, or likely to be unable, to satisfy claims against the successors that are based on those acts or omissions.

(1A) The Treasury must by order specify -

(a) the cases in which the FCA may, or may not, make rules under subsection (1), and

(b) the cases in which the PRA may, or may not, make rules under that subsection.