The Investment Bank Special Administration Regulations 2011

Revision to the statement of proposals (Objective A achieved and [F1regulation 16] direction has not been withdrawn)U.K.

This section has no associated Explanatory Memorandum

13.—(1) This paragraph applies where —

(a)the events in paragraph 11(1)(a) to (c) have occurred;

(b)the Bank of England has given the Objective A Achievement Notice; and

(c)[F2a regulator] has given a direction under regulation 16 and the direction has not been withdrawn.

(2) The administrator shall agree the revised statement with [F3that regulator].

(3) Paragraph 8(3) to (6) shall apply where the administrator is unable to agree a revision to the statement with [F4that regulator].

(4) After the revision to the statement has been agreed with [F5that regulator], or if the court makes an order under paragraph 8(4) dispensing with the need for agreement, the administrator shall send the revised statement to—

(a)every creditor of the investment bank of whose claim and address the administrator is aware;

(b)every client of the investment bank of whose claim the administrator is aware and has a means of contacting;

(c)every member of the investment bank of whose address the administrator is aware.

(5) The administrator shall be taken to have complied with paragraph (4)(c) if the administrator publishes a notice undertaking to provide a copy of the statement free of charge to any member of the investment bank who applies in writing to a specified address.

(6) A notice under paragraph (4) shall be published in the prescribed manner and within the prescribed period.

(7) The administrator shall send a copy of the revised statement to—

(a)the court; and

(b)the registrar of companies.

Textual Amendments