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The Investment Bank Special Administration (Scotland) Rules 2011
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FSCS and voting rights
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65.—(1) For the purpose of voting at a meeting in a special administration (bank insolvency) (or in a special administration (bank administration) if there are depositors), the FSCS, instead of complying with the requirements set out in rule 126(1)(d) may give a statement containing—
(a)the names of the creditors of the investment bank in respect of whom an obligation of the FSCS has arisen or may reasonably be expected to arise;
(b)the amount of each such obligation; and
(c)the total amount of all such obligations.
(2) The FSCS may from time to time submit a further statement; and each such statement supersedes any previous statement.
(3) Any voting rights which a creditor might otherwise exercise in the special administration in respect of a claim are reduced by a sum equal to the amount of that claim in relation to which the FSCS, by virtue of its having submitted a statement under this rule, is entitled to exercise voting rights at the meeting.
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