Regulation 6 Grounds for applying
In this regulation—
Ground A is that the investment bank is, or is likely to become, unable to pay its debts;
Ground B is that it would be fair to put the investment bank into special administration; and
Ground C is that it is expedient in the public interest to put the investment bank into special administration.
The F1FCA or, where relevant, the PRA or the persons listed in regulation 5(1)(a) to (e) may apply for a special administration order only if they consider that Ground A or Ground B is met.
The Secretary of State may apply for a special administration order only if it appears to the Secretary of State that Grounds B and C are met.
The sources of information on the basis of which the Secretary of State may reach a decision on Ground C include those listed in section 124A(1) M1 of the Insolvency Act (petition for winding up on grounds of public interest).
Annotations
Textual amendments
- F1
Words in reg. 6(2) 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(d) (with Sch. 2 para. 213)
Marginal citations
- M1
Section 124A was inserted by the Companies Act 1989 (c. 40), section 60(3) and amended by S.I. 2001/3649 and by the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27), section 25(1), Schedule 2, Part 3 paragraph 27.