The Bank Administration (England and Wales) (Amendment) Rules 2010

Amendments to the Bank Administration (England and Wales) Rules 2009

16.  In rule 48—

(a) for paragraph (2), substitute—

“(2) The bank administrator’s application under paragraph 79 of Schedule B1 to the Insolvency Act 1986 (as applied by section 153 of the Banking Act 2009(1)) (“the application”) shall have attached to it a progress report for the period from the date of the previous report (or, if there was none, from the beginning of the bank administration) and a statement indicating what the bank administrator thinks should be the next steps for the bank.”;

(b) omit paragraph (3);

(c) for paragraph (4), substitute—

“(4) Before making the application, the bank administrator must send a copy of the application and the progress report to—

(a) the Bank of England,

(b) the FSA,

(c) the FSCS, and

(d) the registrar of companies.”;

(d) in paragraph (5)—

(i) for “Notice under paragraphs (4)(b) and (c) must be given”, substitute “Copies under paragraphs (4)(b) and (c) must be sent”, and

(ii) omit “for approval of the notice”;

(e) for paragraph (6), substitute—

“(6) Within 5 business days of filing the application with the court, the bank administrator must gazette a notice undertaking to provide a copy of the application to any creditor of the bank. This notice may also be published in such other manner as the bank administrator thinks fit.”; and

(f) for paragraph (7), substitute—

“(7) The application must certify compliance with the preceding paragraphs of this rule.”.

(1)

As amended by section 21 of the Financial Services Act 2010 (2010 c. 28).