The Individual Savings Account (Amendment No. 2) Regulations 2011

Amendments to the Individual Savings Account Regulations 1998

23.  In regulation 20 (account manager ceasing to qualify)—

(a) for paragraph (1) substitute—

“(1) A person shall cease to qualify as an account manager and shall notify the Board within 30 days of the relevant event in sub-paragraphs (a) to (e), of that relevant event, where—

(a) the person no longer fulfils the conditions of regulation 14;

(b) there is an insolvency event in relation to the account manager;

(c) an application has been made for a bank insolvency order or a bank administration order;

(d) in the case of a building society, a person falling within section 991 of ITA 2007(1) or a credit union—

(i) it ceases to be a building society or to fall within section 991 of ITA 2007 or to be a credit union, as the case may be;

(ii) its directors have made a proposal under Part 1 of the Insolvency Act 1986(2) for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or

(iii) a receiver or manager of its property has been appointed; or

(e) in the case of a European institution, a relevant authorised person or an assurance undertaking which falls within regulation 14(2)(b)(iv) and (v), action corresponding to any described in sub-paragraphs (b) to (d) has been taken by or in relation to the institution, person or undertaking under the law of an EEA State.”;

(b) in paragraph (2) after “regulation 21” insert “or 21B (as appropriate)”;

(c) in paragraph (3)(a) for “regulation 19” substitute “regulation 17(4) or 19”;

(d) in paragraph (3)(b) after “regulation 21” insert “or 21B (as appropriate)”.

(1)

2007 c. 3; section 991 was modified by section 8 of the Co-Operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7) and paragraph 563 of Schedule 1 to the Corporation Tax Act 2010 (c. 4).

(2)

1986 c. 45; Part 1 was amended by sections 1, 2 and 15(1) and Schedule 1, Part 1 of Schedule 2 and 5 to the Insolvency Act 2000 (c. 39), section 248(3) and Schedule 17 to the Enterprise Act 2002 (c. 40), section 159(1) and Part 4 of Schedule 20 to the Energy Act 2004 (c. 20), S.I. 2002/1240 and S.I. 2009/1941.