Regulation 23 Amendments to the Individual Savings Account Regulations 1998

for paragraph (1) substitute—

“(1)

A person shall cease to qualify as an account manager and shall notify the Board within 30 days of the relevant event in sub-paragraphs (a) to (e), of that relevant event, where—

(a)

the person no longer fulfils the conditions of regulation 14;

(b)

there is an insolvency event in relation to the account manager;

(c)

an application has been made for a bank insolvency order or a bank administration order;

(d)

in the case of a building society, a person falling within section 991 of ITA 2007^f1 or a credit union—

(i)

it ceases to be a building society or to fall within section 991 of ITA 2007 or to be a credit union, as the case may be;

(ii)

its directors have made a proposal under Part 1 of the Insolvency Act 1986^f2 for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or

(iii)

a receiver or manager of its property has been appointed; or

(e)

in the case of a European institution, a relevant authorised person or an assurance undertaking which falls within regulation 14(2)(b)(iv) and (v), action corresponding to any described in sub-paragraphs (b) to (d) has been taken by or in relation to the institution, person or undertaking under the law of an EEA State.”;

in paragraph (2) after “regulation 21” insert “or 21B (as appropriate)”;

in paragraph (3)(a) for “regulation 19” substitute “regulation 17(4) or 19”;

in paragraph (3)(b) after “regulation 21” insert “or 21B (as appropriate)”.