Regulation 27
SCHEDULE 6U.K.Modifications and consequential amendments
PART 1 U.K.
1.—(1) Where this Part of this Schedule applies, the enactments set out below apply with the following modifications.U.K.
(2) References to—
(a)an administrator appointed in respect of a Schedule B1 administration include a reference to an administrator appointed under a special administration order;
(b)administration under Schedule B1 or “insolvent administration” include a reference to special administration;
(c)“administration order” include a reference to a special administration order;
(d)“insolvency legislation”, the “general law of insolvency”, the “enactments relating to insolvency” and similar expressions include special administration and the provisions of the Insolvency Act as applied by these Regulations;
(e)becoming insolvent, or an “insolvency event” occurring in respect of the investment bank includes being put into special administration and “insolvency proceedings” or an “insolvency procedure” include special administration;
(f)“winding up”, being “wound up”, “wound up by the court” “going into liquidation” or “compulsory liquidation” include being put into special administration, and a “winding-up order” include a special administration order (and, in this context, “liquidator” shall be read as “administrator”);
(g)a person acting as an insolvency practitioner within the meaning of section 388 of the Insolvency Act include a person acting as an administrator under these Regulations;
(h)the provisions of the Insolvency Act include those provisions as applied and modified by these Regulations; and
(i)the provisions of the Insolvency Rules 1986 M1, the Insolvency Rules (Northern Ireland) 1991 M2 and the Insolvency (Scotland) Rules 1986 M3 include the provisions of insolvency rules made under section 411 of the Insolvency Act as applied by regulation 15(6).
(3) A reference to insolvency or liquidation within the meaning of section 247 of the Insolvency Act includes a reference to special administration.
(4) A reference to the “purposes of the Insolvency Act 1986” includes a reference to the purposes of these Regulations.
Primary LegislationU.K.
Taxes Management Act 1970 M4
Prescription and Limitation (Scotland) Act 1973 M5
Marginal Citations
Companies Act 1985 M6
Finance Act 1986 M7
Companies (Northern Ireland) Order 1986 M8
Marginal Citations
M8S.I. 1986 No. 1032 (N.I. 6).
Debtors (Scotland) Act 1987 M9
Companies Act 1989
Companies (No. 2) (Northern Ireland) Order 1990 M10
Marginal Citations
Taxation of Chargeable Gains Act 1992 M11
Pension Schemes Act 1993 M12
Marginal Citations
Pension Schemes (Northern Ireland) Act 1993 M13
Marginal Citations
Pensions Act 1995 M14
Pensions (Northern Ireland) Order 1995 M15
Marginal Citations
Proceeds of Crime (Scotland) Act 1995 M16
Employment Rights Act 1996 M17
Employment Rights (Northern Ireland) Order 1996 M18
Marginal Citations
Terrorism Act 2000 M19
Finance Act 2000 M20
International Criminal Court Act 2001 M21
International Criminal Court (Scotland) Act 2001 M22
Marginal Citations
Proceeds of Crime Act 2002 M23
Marginal Citations
Debt Arrangement and Attachment (Scotland) Act 2002 M24
Marginal Citations
Finance Act 2003 M25
Pensions Act 2004 M26
Marginal Citations
Pensions (Northern Ireland) Order 2005 M27
Marginal Citations
Companies Act 2006 (but not including section 1078 (documents subject to Directive disclosure requirements)
Bankruptcy and Diligence (Scotland) Act 2007 M28
Marginal Citations
Finance Act 2008 M29
Dormant Bank and Building Society Accounts Act 2008 M30
Marginal Citations
Corporation Tax Act 2009 M31
Corporation Tax Act 2010 M32
Taxation (International and other Provisions) Act 2010 M33
Secondary LegislationU.K.
Statutory Maternity Pay (General) Regulations 1986 M34
Marginal Citations
Statutory Maternity Pay (General) (Northern Ireland) Regulations 1987 M35
Marginal Citations
M35S.R. 1987 No. 30.
Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules 1987 M36
Marginal Citations
Financial Markets and Insolvency Regulations 1991 M37
Marginal Citations
Financial Markets and Insolvency Regulations (Northern Ireland) 1991 M38
Marginal Citations
M38S.R. 1991 No. 443.
Insolvency Regulations 1994 M39
Marginal Citations
Non-Domestic Rating (Unoccupied Property) (Scotland) Regulations 1994 M40
Marginal Citations
Insolvent Companies (Reports on Conduct of Directors) Rules 1996 M41
Marginal Citations
Financial Markets and Insolvency Regulations 1996 M42
Marginal Citations
Financial Markets and Insolvency Regulations (Northern Ireland) 1996 M43
Marginal Citations
M43S.R. 1996 No. 252.
Individual Savings Account Regulations 1998 M44
Marginal Citations
Corporation Tax (Simplified Arrangements for Group Relief) Regulations 1999 M45
Marginal Citations
Financial Markets and Insolvency (Settlement Finality) Regulations 1999
Statutory Paternity Pay and Statutory Adoption Pay (General) Regulations 2002 M46
Marginal Citations
Statutory Paternity Pay and Statutory Adoption Pay (General) (Northern Ireland) Regulations 2002 M47
Marginal Citations
M47S.R. 2002 No. 378.
Financial Collateral Arrangements (No. 2) Regulations 2003
Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 M48
Marginal Citations
M48S.R. 2003 No. 357.
Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (Northern Ireland) 2003 M49
Marginal Citations
M49S.R. 2003 No. 358.
Credit Institutions (Reorganisation and Winding Up) Regulations 2004 M50
Marginal Citations
Insolvency Practitioners Regulations 2005 M51
Marginal Citations
Pension Protection Fund (Entry Rules) Regulations 2005 M52
Marginal Citations
Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 M53
Marginal Citations
M53S.R. 2005 No. 126.
Gender Recognition (Disclosure of Information) (England, Wales and Northern Ireland) (No. 2) Order 2005 M54
Marginal Citations
Gender Recognition (Disclosure of Information) (Scotland) Order 2005 M55
Marginal Citations
Financial Assistance Scheme Regulations 2005 M56
Marginal Citations
Insolvency Practitioners Regulations (Northern Ireland) 2006 M57
Marginal Citations
M57S.R. 2006 No. 33.
Land Registration (Scotland) Rules 2006 M58
Marginal Citations
Companies (Cross-Border Mergers) Regulations 2007 M59
Marginal Citations
Regulated Covered Bonds Regulations 2008 M60
Marginal Citations
[F1Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015]
Textual Amendments
F1Words in Sch. 6 para. 1 substituted (31.1.2015) by The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015 (S.I. 2015/17), reg. 1(1), Sch. 6 para. 6
Land Registration (Network Access) Rules 2008 M61
Marginal Citations
Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 M62
Marginal Citations
Registrar of Companies (Fees) (Companies, Overseas Companies and Limited Liability Partnerships) Regulations 2009 M63
Marginal Citations
Payment Services Regulations 2009 M64
Marginal Citations
Companies (Disclosure of Address) Regulations 2009 M65
Marginal Citations
Additional Statutory Paternity Pay (General) Regulations 2010 M66
Marginal Citations
PART 2 U.K.Specific modifications
2. Where this Part of this Schedule applies, the enactments set out below apply with the modifications indicated.U.K.
Financial Services and Markets Act 2000U.K.
3.—(1) The following provisions of the Financial Services and Markets Act 2000 apply with the modifications set out in this paragraph.
(2) In section 215M67 (rights of the scheme in insolvency)—
(a)in subsection (3), the reference to making an administration application is to be read as including making an application for a special administration order; and
(b)subsection (4) is to be read as if it provided the following—
“(4) In the case of a special administration (bank insolvency), if the scheme manager decides, pursuant to section 101 of the Banking Act 2009, as applied by paragraph 6(2) of Schedule 1 to the Investment Bank Special Administration Regulations 2011, not to be a member of the creditors' committee, the scheme manager has the same rights as are conferred on the [F2regulators] by section 371.”.
(3) In section 220(3)M68, the reference to an administrator is to be read as including an administrator appointed under a special administration order.
(4) In section 362(6)M69, the reference to administration is to be read as including special administration.
(5) In section 375 ([F3right of FCA and PRA] to apply for an order), references to the provisions of the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 are to be read as including references to those provisions as applied and modified by—
(a)regulation 15; or
(b)section 145 of the Banking Act 2009 (with the modifications set out in paragraph 6(3) of Schedule 2).
Textual Amendments
F2Word in Sch. 6 para. 3(2)(b) 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(s)(i) (with Sch. 2 para. 213)
F3Words in Sch. 6 para. 3(5) 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(s)(ii) (with Sch. 2 para. 213)
Marginal Citations
M67Section 215(3) was amended by the Enterprise Act 2002 (c. 40), section 248(3), Schedule 17, paragraphs 53, 54(1), (2) and by S.I. 2005/1455.
M68Section 220(3) was amended but the amendments are not relevant.
M69Section 362(6) was amended by S.I. 2008/948.
Pensions Act 2004U.K.
4. In section 121(3)(d) of the Pensions Act 2004 (meaning of insolvency event), the reference to “the company enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Act” is to be read so as to include the investment bank entering special administration.
Companies Act 2006U.K.
5.—(1) The following provisions of the Companies Act 2006 apply with the modifications set out in this paragraph.
(2) In section 461 (permitted disclosure of information obtained under compulsory powers)—
(a)subsection (4)(c) is to be read so as to include these Regulations in the list of enactments in that subsection; and
(b)subsection (4)(g) is to be read so as to include these Regulations in the list of enactments in that subsection.
(3) Any references in Part 35 (the registrar of companies) to the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 are to be read as including that legislation as applied and modified by these Regulations.
(4) Where an application is made to the court for—
(a)a special administration order; or
(b)the appointment of a person under section 135 of the Insolvency Act 1986 or article 115 of the Insolvency (Northern Ireland) Order 1989 as applied by these Regulations,
sections 1139 and 1140 (service of documents on company, directors, secretaries and others) have effect subject to the provisions for service set out in rules made under section 411 of the Insolvency Act as applied and modified by regulation 15 of these Regulations.
(5) In Part 2 of Schedule 2 M70 (Specified descriptions of disclosures for the purposes of section 948), under heading A—
(a)paragraph 13 is to be read so as to include these Regulations in the list of enactments in that paragraph, and
(b)paragraph 37 is to be read so as to include these Regulations in the list of enactments in that paragraph.
(6) In Part 2 of Schedule 11A M71 (Specified descriptions of disclosures for the purposes of section 1224A)—
(a)paragraph 30 is to be read so as to include these Regulations in the list of enactments in that paragraph, and
(b)paragraph 52 is to be read so as to include these Regulations in the list of enactments in that paragraph.
Marginal Citations
M70Schedule 2 was inserted by S.I. 2009/1208.
M71Schedule 11A was inserted by S.I. 2007/3494.
Land Registration Rules 2003U.K.
6. Rule 184(1) of the Land Registration Rules 2003 M72 is to be read as if the reference to administration included special administration.
Marginal Citations
M72S.I. 2003/1417; this instrument was amended by S.I. 2003/2096.
Credit Institutions (Reorganisation and Winding Up) Regulations 2004U.K.
7.—(1) The following provision of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 M73 applies with the modification set out in this paragraph.
(2) Regulation 11(2) is to be read as if it provided the following—
“(2) The prescribed circumstances are that, after the appointment of the administrator, the administrator, in drawing up the statement of proposals in accordance with paragraph 49 of Schedule B1 (as applied by regulation 15(6) of the Investment Bank Special Administration Regulations 2011) or paragraph 7 of Schedule 2 to those Regulations has concluded that it is not possible to rescue the investment bank as a going concern.”.
Marginal Citations
PART 3 U.K.Consequential amendments
Companies Act 1985U.K.
8. After paragraph 9(f) in Schedule 15D M74 to the Companies Act 1985 (disclosures), insert—
“(g)the Investment Bank Special Administration Regulations 2011.”.
Marginal Citations
Finance Act 1986U.K.
9.—(1) The following provisions of the Finance Act 1986 are amended as follows.
(2) In section 80D(9)(h) M75 (stamp duty on repurchases and stock lending: replacement on insolvency) omit “or” and after that paragraph insert—
“(ha)if a special administration order takes effect under the Investment Bank Special Administration Regulations 2011, or”.
(3) In section 89AB(9)(h) M76 (stamp duty reserve tax: exception for repurchases and stock lending in case of insolvency) omit “or” and after that paragraph insert—
“(ha)if a special administration order takes effect under the Investment Bank Special Administration Regulations 2011.”.
Marginal Citations
M75Section 80D was inserted by the Finance Act 2009 (c. 10), section 83(1), Schedule 37, paragraphs 1, 2.
M76Section 89AB was inserted by the Finance Act 2009, section 83(1), Schedule 37, paragraphs 4, 5.