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

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Amendments to the Individual Savings Account Regulations 1998

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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.

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