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The Investment Bank Special Administration Regulations 2011

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  1. Introductory Text

  2. 1.Citation and commencement

  3. 2.Interpretation

  4. 3.Overview

  5. 4.Special administration order

  6. 5.Application

  7. 6.Grounds for applying

  8. 7.Powers of the court

  9. 8.Notice to FSA of preliminary steps to other insolvency proceedings

  10. 9.Application where investment bank is a deposit-taking bank

  11. 10.Special administration objectives

  12. 11.Objective 1 – distribution of client assets

  13. 12.Objective 1 - shortfall in client assets held in omnibus account

  14. 13.Objective 2 – engaging with market infrastructure bodies and the Authorities

  15. 14.Continuity of supply

  16. 15.General powers, duties and effect

  17. 16.FSA direction

  18. 17.Administrator's proposals in the event of FSA direction

  19. 18.Revision of proposals in the event of FSA direction

  20. 19.FSA direction withdrawn

  21. 20.Successful rescue

  22. 21.Dissolution or voluntary arrangement

  23. 22.Special administration order as an alternative order

  24. 23.Disqualification of directors

  25. 24.Limited liability partnerships

  26. 25.Partnerships

  27. 26.Northern Irish equivalent enactments

  28. 27.Modifications and consequential amendments to legislation

  29. Signature

    1. SCHEDULE 1

      Special administration (bank insolvency)

      1. 1.This Schedule provides for a procedure known as special administration...

      2. 2.A special administration (bank insolvency) order is an order appointing...

      3. 3.A special administration (bank insolvency) order is to be treated...

      4. 4.(1) An administrator appointed under a special administration (bank insolvency)...

      5. 5.(1) The provisions of the Insolvency Act as applied by...

      6. 6.(1) The provisions of Part 2 of the Act (bank...

      7. 7.Section 120 of the Act is applied with the following...

      8. 8.(1) Section 135 of the Insolvency Act is applied with...

      9. 9.In this Schedule— “eligible depositor” has the meaning set out...

    2. SCHEDULE 2

      Special administration (bank administration)

      1. 1.General provisions

      2. 2.A special administration (bank administration) order is an order appointing...

      3. 3.(1) An administrator appointed under a special administration (bank administration)...

      4. 4.An administrator appointed under a special administration (bank administration) order...

      5. 5.A special administration (bank administration) order is to be treated...

      6. 6.Application of Part 3 of the Act and the Insolvency Act

      7. 7.Statement of proposals

      8. 8.(1) The statement is to be agreed with the Bank...

      9. 9.(1) The administrator shall send the statement to—

      10. 10.Meeting of creditors and clients to approve statement

      11. 11.Revision to the statement of proposals (Objective A not yet achieved)

      12. 12.Revision to the statement of proposals (Objective A achieved and no FSA direction)

      13. 13.Revision to the statement of proposals (Objective A achieved and FSA direction has not been withdrawn)

      14. 14.Powers of the court

      15. 15.Ending of special administration (bank administration) (rescue)

      16. 16.Ending of special administration (bank administration) (dissolution or voluntary arrangement

      17. 17.Interpretation

    3. SCHEDULE 3

      Application of these Regulations to limited liability partnerships

      1. 1.In this Schedule, “the 2001 Regulations” means the Limited Liability...

      2. 2.These Regulations apply where the investment bank is a limited...

      3. 3.(1) Those provisions of the Insolvency Act, as applied and...

      4. 4.(1) The provisions of the Disqualification Act shall apply with...

      5. 5.Application to Scotland

      6. 6.Subordinate legislation

    4. SCHEDULE 4

      Application of these Regulations to partnerships

      1. 1.In this Schedule, “the 1994 Order” means the Insolvent Partnerships...

      2. 2.These Regulations apply where the investment bank is a partnership...

      3. 3.In the application of these Regulations and the Disqualification Act...

      4. 4.(1) The provisions of Schedule B1 as applied by regulation...

      5. 5.(1) The provisions of the Insolvency Act other than those...

    5. SCHEDULE 5

      Table of enactments referred to in these Regulations together with the equivalent enactment having effect in relation to Northern Ireland

    6. SCHEDULE 6

      Modifications and consequential amendments

      1. PART 1

        1. 1.(1) Where this Part of this Schedule applies, the enactments...

        2. Primary Legislation

          1. Taxes Management Act 1970

          2. Prescription and Limitation (Scotland) Act 1973

          3. Companies Act 1985

          4. Finance Act 1986

          5. Companies (Northern Ireland) Order 1986

          6. Debtors (Scotland) Act 1987

          7. Companies Act 1989

          8. Companies (No. 2) (Northern Ireland) Order 1990

          9. Taxation of Chargeable Gains Act 1992

          10. Pension Schemes Act 1993

          11. Pension Schemes (Northern Ireland) Act 1993

          12. Pensions Act 1995

          13. Pensions (Northern Ireland) Order 1995

          14. Proceeds of Crime (Scotland) Act 1995

          15. Employment Rights Act 1996

          16. Employment Rights (Northern Ireland) Order 1996

          17. Terrorism Act 2000

          18. Finance Act 2000

          19. International Criminal Court Act 2001

          20. International Criminal Court (Scotland) Act 2001

          21. Proceeds of Crime Act 2002

          22. Debt Arrangement and Attachment (Scotland) Act 2002

          23. Finance Act 2003

          24. Pensions Act 2004

          25. Pensions (Northern Ireland) Order 2005

          26. Companies Act 2006 (but not including section 1078 (documents subject...

          27. Bankruptcy and Diligence (Scotland) Act 2007

          28. Finance Act 2008

          29. Dormant Bank and Building Society Accounts Act 2008

          30. Corporation Tax Act 2009

          31. Corporation Tax Act 2010

          32. Taxation (International and other Provisions) Act 2010

        3. Secondary Legislation

          1. Statutory Maternity Pay (General) Regulations 1986

          2. Statutory Maternity Pay (General) (Northern Ireland) Regulations 1987

          3. Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules 1987

          4. Financial Markets and Insolvency Regulations 1991

          5. Financial Markets and Insolvency Regulations (Northern Ireland) 1991

          6. Insolvency Regulations 1994

          7. Non-Domestic Rating (Unoccupied Property) (Scotland) Regulations 1994

          8. Insolvent Companies (Reports on Conduct of Directors) Rules 1996

          9. Financial Markets and Insolvency Regulations 1996

          10. Financial Markets and Insolvency Regulations (Northern Ireland) 1996

          11. Individual Savings Account Regulations 1998

          12. Corporation Tax (Simplified Arrangements for Group Relief) Regulations 1999

          13. Financial Markets and Insolvency (Settlement Finality) Regulations 1999

          14. Statutory Paternity Pay and Statutory Adoption Pay (General) Regulations 2002...

          15. Statutory Paternity Pay and Statutory Adoption Pay (General) (Northern Ireland)...

          16. Financial Collateral Arrangements (No. 2) Regulations 2003

          17. Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland)...

          18. Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (Northern Ireland)...

          19. Credit Institutions (Reorganisation and Winding Up) Regulations 2004

          20. Insolvency Practitioners Regulations 2005

          21. Pension Protection Fund (Entry Rules) Regulations 2005

          22. Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005

          23. Gender Recognition (Disclosure of Information) (England, Wales and Northern Ireland)...

          24. Gender Recognition (Disclosure of Information) (Scotland) Order 2005

          25. Financial Assistance Scheme Regulations 2005

          26. Insolvency Practitioners Regulations (Northern Ireland) 2006

          27. Land Registration (Scotland) Rules 2006

          28. Companies (Cross-Border Mergers) Regulations 2007

          29. Regulated Covered Bonds Regulations 2008

          30. Companies (Trading Disclosures) Regulations 2008

          31. Land Registration (Network Access) Rules 2008

          32. Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act...

          33. Registrar of Companies (Fees) (Companies, Overseas Companies and Limited Liability...

          34. Payment Services Regulations 2009

          35. Companies (Disclosure of Address) Regulations 2009

          36. Additional Statutory Paternity Pay (General) Regulations 2010

      2. PART 2 Specific modifications

        1. 2.Where this Part of this Schedule applies, the enactments set...

        2. 3.Financial Services and Markets Act 2000

        3. 4.Pensions Act 2004

        4. 5.Companies Act 2006

        5. 6.Land Registration Rules 2003

        6. 7.Credit Institutions (Reorganisation and Winding Up) Regulations 2004

      3. PART 3 Consequential amendments

        1. 8.Companies Act 1985

        2. 9.Finance Act 1986

  31. Explanatory Note

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