Regulation 22 Special administration order as an alternative order

United Kingdom

(1)

On a petition for a winding up order F1, an application for an administration order F2or an order under regulation 8 of the Payment and Electronic Money Institution Insolvency Regulations 2021 in respect of an investment bank the court may instead make a special administration order.

(2)

Paragraph (1) is subject to regulation 3.

(3)

A special administration order may be made under paragraph (1) only on the application of the F3FCA or, where the investment bank concerned is a PRA-authorised person, the PRA.

Annotations

Textual amendments

F1: Comma in reg. 22(1) substituted for word (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 4 para. 5(3)(a) (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)
F2: Words in reg. 22(1) inserted (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 4 para. 5(3)(b) (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)
F3: Words in reg. 22(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 198(o) (with Sch. 2 para. 213)