The Bank Administration (Scotland) (Amendment) Rules 2010

EXPLANATORY NOTE

(This note is not part of the Rules)

These Rules amend the Bank Administration (Scotland) Rules 2009 (S.I. 2009/350) (the “Rules”) as follows—

(f) in rule 3, to provide that references to the Insolvency (Scotland) Rules 1986 (S.I. 1986/1915) (“the 1986 Rules”) are to the 1986 Rules as amended as at 1st October 2009. The 1986 Rules were amended by the Insolvency (Scotland) Amendment (No. 2 ) Rules 2009 (S.I. 2009/2375) with effect from that date;

(g) in rule 5, to provide that the statement of proposals, should be sent to the Financial Services Authority and Scheme Manager of the Financial Services Compensation Scheme at the same time as it is sent to creditors;

(h) in rule 11, to provide for set-off of protected deposits in relation to the Financial Services Compensation Scheme;

(i) in rules 6 and 12 to reflect the substitution of paragraph 79 for paragraph 80 in section 145 of the Banking Act 2009 and the corresponding amendment to section 153 of that Act in consequence of the Financial Services Act 2010, section 21(6) and (7); and

(j) to make other minor amendments to the Rules.

An Impact Assessment on the effect of the amendments to the Bank Administration (Scotland) Rules (S.I. 2009/350) has been prepared and maybe obtained from the Financial Regulatory Strategy Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk).