Regulation 19 Temporary management accounts
The Secretary of State may—
set up with a financial institution an account to be used for temporary management transactions in the name of—
the restricted person; or
the Secretary of State on behalf of the restricted person; or
by notice specify an account held by a financial institution for the restricted person as an account to be used for temporary management transactions.
An account set up or specified under paragraph (1) is a “temporary management account” and temporary management transactions may take place using the account.
A notice under paragraph (1)(b) must be given to the financial institution at least 7 days before the Secretary of State intends to make the first temporary management transaction using the specified account.
The Secretary of State may require a financial institution which holds a temporary management account to provide transactions statements to the Secretary of State for such periods as the Secretary of State considers reasonable.
Subject to any early termination and to regulation 32, an account ceases to be a temporary management account at the end of the management period.
In this regulation, “transactions statements” means statements of all transactions that take place using a temporary management account, including temporary management transactions.