s 54 Further provision about independent valuation
(1) Compensation scheme regulations may— (a) confer functions (including discretions) on an independent valuer in connection with the carrying out of a valuation; (b) make other provision about the carrying out of a valuation by an independent valuer. (2) Without prejudice to the generality of subsection (1) , compensation scheme regulations made in reliance on that subsection may in particular include provision about any of the matters dealt with in subsections (3) , (4) (b) to (10) and (13) (or any combination of those matters). (3) The regulations may— (a) require an independent valuer to apply, or not to apply, specified methods of valuation; (b) require an independent valuer to assess values or average values at specified dates or over specified periods; (c) require an independent valuer to take account, or not to take account, of specified matters; (d) provide for how specified matters must or may be taken into account. (4) The regulations— (a) must require an independent valuer, in carrying out a valuation in relation to a relevant steel undertaking, to take into account liabilities in connection with— (i) compliance with environmental or health and safety obligations, or (ii) other environmental or health and safety matters, so far as relating to the undertaking; (b) may make provision about the approach to be taken by an independent valuer in taking liabilities within paragraph (a) into account. (5) Provision made in reliance on subsection (4) (b) may include, for example, provision requiring an independent valuer to determine— (a) which liabilities within subsection (4) (a) are relevant in a particular case, and (b) the relative weight to be given to each liability determined by the valuer to be relevant. (6) The regulations may require or permit an independent valuer, in carrying out a valuation in respect of the exercise of a transfer power in relation to a relevant steel undertaking, to do so in accordance with either or both of the following— (a) by reference to what the position would have been but for any financial assistance that has been provided to or in respect of the undertaking; (b) on the assumption that no financial assistance will in future be provided to or in respect of the undertaking. (7) The regulations may require or permit an independent valuer, in carrying out a valuation in respect of the exercise of a SISMA power in relation to a relevant steel undertaking, to do so in accordance with either or both of the following— (a) by reference to what the position would have been but for any financial assistance that has been provided to or in respect of the undertaking; (b) on the assumption that no financial assistance will in future be provided to or in respect of the undertaking. (8) The regulations may require or permit an independent valuer to carry out a valuation in relation to a relevant steel undertaking on the basis of whatever the valuer considers would have been most likely to occur in relation to the undertaking in all the circumstances. (9) The regulations may require or permit an independent valuer, in carrying out a valuation in relation to a relevant steel undertaking, to do so in accordance with any or all of the following— (a) by reference to what the position would have been but for the exercise of any SISMA power in respect of the undertaking; (b) on the basis that any SISMA power that has been exercised in respect of the undertaking ceased to have effect from the specified time; (c) on the assumption that no SISMA power will in future be exercised in respect of the undertaking; (d) by reference to what the position would have been but for the exercise of a transfer power in respect of the undertaking; (e) on the assumption that no transfer power will in future be exercised in respect of the undertaking. (10) The regulations may require or permit an independent valuer to make assumptions in relation to a relevant steel undertaking; such as, for example— (a) an assumption that the undertaking is unable to continue as a going concern; (b) an assumption that the undertaking is in administration; (c) an assumption that the undertaking is being wound up. (11) There is nothing to prevent compensation scheme regulations from having the effect that no compensation is payable to a person. (12) In this section — “ financial assistance ” means (subject to subsection (13) )— financial assistance under section 58 , loans or any other financial assistance provided in the exercise of the power conferred by section 3(2) of SISMA 2025 (power to secure continued and safe use of assets of steel undertaking), or any other kind of financial assistance (actual or contingent) provided by the Secretary of State; “ relevant steel undertaking ” means a steel undertaking in respect of which a transfer power has been exercised; “ SISMA 2025 ” means the Steel Industry (Special Measures) Act 2025 ; “ SISMA power ” means a power conferred on the Secretary of State by or under SISMA 2025; “ specified ” means specified in compensation scheme regulations. (13) Compensation scheme regulations may provide— (a) that a specified activity or transaction, or an activity or transaction of a specified description, is or is not to be treated as financial assistance for the purposes of any provision of the regulations; (b) that a reference in any provision of the regulations to financial assistance does not include a reference to financial assistance provided before a specified date.