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14.—(1) This regulation applies where, before the commencement of special administration, the investment bank had entered into arrangements with a supplier for the provision of a supply to the investment bank.
(2) After the commencement of special administration, the supplier—
(a)shall not terminate a supply unless—
(i)any charges in respect of the supply, being charges for a supply given after the commencement of special administration, remain unpaid for more than 28 days,
(ii)the administrator consents to the termination, or
(iii)the supplier has the permission of the court, which may be given if the supplier can show that the continued provision of the supply shall cause the supplier to suffer hardship; and
(b)shall not make it a condition of a supply, or do anything which has the effect of making it a condition of the giving of a supply, that any outstanding charges in respect of the supply, being charges for a supply given before the commencement of special administration, are paid.
(3) Where, before the commencement of special administration, a contractual right to terminate a supply has arisen but has not been exercised, then, for the purposes of this regulation, the commencement of special administration shall cause that right to lapse and the supply shall only be terminated if a ground in paragraph (2)(a) applies.
(4) Any provision in a contract between the investment bank and the supplier that purports to terminate the agreement if any action is taken to put the investment bank into special administration is void.
(5) Any expenses incurred by the investment bank on the provision of a supply after the commencement of special administration are to be treated as necessary disbursements in the course of the special administration.
(6) In this regulation—
“accredited network provider” means a person accredited with a relevant system who operates a secure data network through which the investment bank communicates with the relevant system;
“commencement of special administration” means the making of the special administration order;
“relevant system” has the meaning set out in regulation 2(1) of the Uncertificated Securities Regulations 2001 M1;
“sponsoring system participant” has the meaning set out in regulation 3 of the Uncertificated Securities Regulations 2001 (in the definition of “system participant”);
“supplier” means the person controlling the provision of a supply to the investment bank under a licence, sub-licence or other arrangement, and includes a company that is a group undertaking (within the meaning of section 1161(5) of the Companies Act 2006) in respect of the investment bank, but does not include market infrastructure bodies; and
“supply” means a supply of—
[F1services relating to the safeguarding or administration of client assets;]
computer hardware or software or other hardware used by the investment bank in connection with the trading of securities or derivatives;
financial data;
infrastructure permitting electronic communication services;
data processing;
secure data networks provided by an accredited network provider; or
access to a relevant system by a sponsoring system participant,
but does not include any services provided for in the contract between the investment bank and the supplier beyond the provision of the supply.
Textual Amendments
F1Words in reg. 14(6) inserted (6.4.2017) by The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (S.I. 2017/443), regs. 1, 13 (with reg. 17)
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