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3.—(1) These Regulations provide for a procedure to be known as investment bank special administration (“special administration”).
(2) The main features of special administration are that—
(a)an investment bank enters the procedure by court order;
(b)the order appoints an administrator;
(c)the administrator is to pursue the special administration objectives in accordance with the statement of proposals approved by the meeting of creditors and clients and, in certain circumstances, the [F1FCA or, where relevant, the PRA]; and
(d)in other respects the procedure is the same as for Schedule B1 administration under the Insolvency Act, subject to specific modifications, and the inclusion of certain liquidation provisions of the Insolvency Act.
(3) Where the investment bank is a deposit-taking bank with eligible depositors (within the meaning of section 93(3) of the Act)—
(a)regulations 4 to 8 do not apply; and
(b)in addition to the insolvency procedures established under Parts 2 and 3 of the Act, the Bank of England [F2, the FCA or, in certain cases, the PRA], may apply for an order to put the bank into—
[F3(i)]special administration (bank insolvency) as set out in Schedule 1 (as applied by regulation 9); or
[F3(ii)]special administration (bank administration) as set out in Schedule 2 (as applied by regulation 9).
(4) Where the investment bank is a deposit-taking bank but has no eligible depositors, the investment bank must not be put into special administration (bank insolvency); instead the investment bank may be put into either—
(a)special administration (bank administration), (in which case regulations 4 to 8 do not apply); or
(b)special administration.
Textual Amendments
F1Words in reg. 3(2)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 198(b)(i) (with Sch. 2 para. 206)
F2Words in reg. 3(3)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 198(b)(ii) (with Sch. 2 para. 207)
F3Reg. 3(3)(c)(d) renumbered as reg. 3(3)(b)(i)(ii) (6.4.2017) by The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (S.I. 2017/443), regs. 1, 6 (with reg. 17)
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