Paragraph 12 Revision to the statement of proposals (Objective A achieved and no regulation 16 direction)F4

United Kingdom

(1)

This paragraph applies where —

(a)

the events in paragraph 11(1)(a) to (c) have occurred;

(b)

the Bank of England has given the Objective A Achievement Notice; and

(c)

F1no direction has been given under regulation 16, or if it has, that direction has been withdrawn.

(2)

Paragraph 54 of Schedule B1 applies in respect of that statement save that—

(a)

if the administrator considers that the proposed revision affects both creditors and clients, then every reference in paragraph 54 to creditors includes clients;

(b)

if the administrator considers that the proposed revision only affects either creditors or clients, then paragraph 54 only applies in respect of the affected party,

and where sub-paragraph (b) applies, the party not affected must be informed of the proposed revision in a manner prescribed.

(3)

In sub-paragraph (2) of paragraph 54 the F2FCA and, where the investment bank concerned is a PRA-authorised person, the PRA shall be sent a copy of the statement of the proposed revision and be invited to appoint a representative to attend the creditors' meeting.

(4)

The FSCS shall be sent a copy of the statement of the proposed revision.

F3(5)

In this paragraph a reference to paragraph 54 of Schedule B1 is a reference to that paragraph as applied by regulation 15.

Annotations

Textual amendments

F1: Words in Sch. 2 para. 12(1)(c) 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(q)(viii)(aa) (with Sch. 2 para. 213)
F2: Words in Sch. 2 para. 12(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(q)(viii)(bb) (with Sch. 2 para. 213)
F3: Sch. 2 para. 12(5) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 13(6)(c)
F4: Words in Sch. 2 para. 12 heading 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(q)(vii) (with Sch. 2 para. 213)