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The Investment Bank Special Administration Regulations 2011

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2011, ISBN 9780111505588

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 235(2) of the Banking Act 2009, for approval by resolution of each House of Parliament.

Financial Services And Markets

Made ***

Coming into force in accordance with regulation 1

The Treasury make the following Regulations in exercise of the powers conferred by sections 233, 234 and 259(1) of the Banking Act 2009f1 (the power in section 233 having not yet lapsed under section 235(4)).

Before laying these Regulations before Parliament in draft, the Treasury consulted in accordance with section 235(3) of that Act.

A draft of these Regulations has been laid before and approved by resolution of each House of Parliament in accordance with section 235(2) of that Act.

Annotations to the whole text

Footnotes

f1

2009 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Overview
  4. 4Special administration order
  5. 5Application
  6. 6Grounds for applying
  7. 7Powers of the court
  8. 8Notice to FSA of preliminary steps to other insolvency proceedings
  9. 9Application where investment bank is a deposit-taking bank
  10. 10Special administration objectives
  11. 11Objective 1 – distribution of client assets
  12. 12Objective 1 - shortfall in client assets held in omnibus account
  13. 13Objective 2 – engaging with market infrastructure bodies and the Authorities
  14. 14Continuity of supply
  15. 15General powers, duties and effect
  16. 16FSA direction
  17. 17Administrator’s proposals in the event of FSA direction
  18. 18Revision of proposals in the event of FSA direction
  19. 19FSA direction withdrawn
  20. 20Successful rescue
  21. 21Dissolution or voluntary arrangement
  22. 22Special administration order as an alternative order
  23. 23Disqualification of directors
  24. 24Limited liability partnerships
  25. 25Partnerships
  26. 26Northern Irish equivalent enactments
  27. 27Modifications and consequential amendments to legislation
  28. Signature
  29. Schedule 1: Special administration (bank insolvency)
  30. 1Paragraph 1
  31. 2Paragraph 2
  32. 3Paragraph 3
  33. 4Paragraph 4
  34. 5Paragraph 5
  35. 6Paragraph 6
  36. 7Paragraph 7
  37. 8Paragraph 8
  38. 9Paragraph 9
  39. Schedule 2: Special administration (bank administration)
  40. 1General provisions
  41. 2General provisions
  42. 3General provisions
  43. 4General provisions
  44. 5General provisions
  45. 6Application of Part 3 of the Act and the Insolvency Act
  46. 7Statement of proposals
  47. 8Statement of proposals
  48. 9Statement of proposals
  49. 10Meeting of creditors and clients to approve statement
  50. 11Revision to the statement of proposals (Objective A not yet achieved)
  51. 12Revision to the statement of proposals (Objective A achieved and no FSA direction)
  52. 13Revision to the statement of proposals (Objective A achieved and FSA direction has not been withdrawn)
  53. 14Powers of the court
  54. 15Ending of special administration (bank administration) (rescue)
  55. 16Ending of special administration (bank administration) (dissolution or voluntary arrangement
  56. 17Interpretation
  57. Schedule 3: Application of these Regulations to limited liability partnerships
  58. 1Paragraph 1
  59. 2Paragraph 2
  60. 3Paragraph 3
  61. 4Paragraph 4
  62. 5Application to Scotland
  63. 6Subordinate legislation
  64. Schedule 4: Application of these Regulations to partnerships
  65. 1Paragraph 1
  66. 2Paragraph 2
  67. 3Paragraph 3
  68. 4Paragraph 4
  69. 5Paragraph 5
  70. Schedule 5Table of enactments referred to in these Regulations together with the equivalent enactment having effect in relation to Northern Ireland
  71. Schedule 6: Modifications and consequential amendments
  72. Part 1
  73. 1Paragraph 1
  74. Primary Legislation
  75. Secondary Legislation
  76. Part 2: Specific modifications
  77. 2Paragraph 2
  78. 3Financial Services and Markets Act 2000
  79. 4Pensions Act 2004
  80. 5Companies Act 2006
  81. 6Land Registration Rules 2003
  82. 7Credit Institutions (Reorganisation and Winding Up) Regulations 2004
  83. Part 3: Consequential amendments
  84. 8Companies Act 1985
  85. 9Finance Act 1986
  86. Explanatory note