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The Investment Bank Special Administration Regulations 2011

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This is the original version (as it was originally made).

Statement of proposals

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

(a)the FSA;

(b)the FSCS;

(c)the registrar of companies;

(d)every creditor of the deposit-taking bank of whose claim and address the administrator is aware;

(e)every member of the deposit-taking bank of whose address the administrator is aware; and

(f)every client of the deposit-taking bank of whose claim the administrator is aware and of whom the administrator has a means of contacting.

(2) The administrator shall comply with sub-paragraph (1) not later than 10 business days after—

(a)obtaining the agreement of the Bank of England (and where the FSA has given a direction, the FSA); or

(b)the court has made an order dispensing with the need for this agreement.

(3) The administrator shall be taken to comply with sub-paragraph (1)(d) if the administrator publishes in the prescribed manner a notice undertaking to provide a copy of the statement of proposals free of charge to any member of the deposit-taking bank who applies in writing to a specified address.

(4) The administrator shall also give notice in the prescribed manner that the statement of proposals is to be provided free of charge to a market infrastructure body which applies in writing to a specified address.

(5) Sub-paragraphs (7) and (8) of paragraph 49 of Schedule B1 apply with the following modifications—

(a)the reference in paragraph 49(7) to sub-paragraph (5) shall be a reference to sub-paragraph (2) of this paragraph;

(b)the reference to “this paragraph” in paragraph 49(8) means this paragraph;

(c)the reference to paragraph 107 is a reference to that paragraph as applied by section 145 of the Act and by paragraph 6(3).

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