# The Individual Savings Account (Amendment No. 2) Regulations 2011, Regulation 23: Amendments to the Individual Savings Account Regulations 1998


In regulation 20 (account manager ceasing to qualify)—
(a) 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 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 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.”;
(b) in paragraph (2) after “regulation 21” insert “or 21B (as appropriate)”;
(c) in paragraph (3)(a) for “regulation 19” substitute “regulation 17(4) or 19”;
(d) in paragraph (3)(b) after “regulation 21” insert “or 21B (as appropriate)”.

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Source: https://www.legislation.gov.uk/uksi/2011/1780/regulation/23 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-2-regulations-2011/regulation-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.