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This is the original version (as it was originally made).

Financial Services and Markets Act 2000

This section has no associated Explanatory Memorandum

3.—(1) The following provisions of the Financial Services and Markets Act 2000 apply with the modifications set out in this paragraph.

(2) In section 215(1) (rights of the scheme in insolvency)—

(a)in subsection (3), the reference to making an administration application is to be read as including making an application for a special administration order; and

(b)subsection (4) is to be read as if it provided the following—

“(4) In the case of a special administration (bank insolvency), if the scheme manager decides, pursuant to section 101 of the Banking Act 2009, as applied by paragraph 6(2) of Schedule 1 to the Investment Bank Special Administration Regulations 2011, not to be a member of the creditors’ committee, the scheme manager has the same rights as are conferred on the Authority by section 371.”.

(3) In section 220(3)(2), the reference to an administrator is to be read as including an administrator appointed under a special administration order.

(4) In section 362(6)(3), the reference to administration is to be read as including special administration.

(5) In section 375 (Authority’s right to apply for an order), references to the provisions of the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 are to be read as including references to those provisions as applied and modified by—

(a)regulation 15; or

(b)section 145 of the Banking Act 2009 (with the modifications set out in paragraph 6(3) of Schedule 2).

(1)

Section 215(3) was amended by the Enterprise Act 2002 (c. 40), section 248(3), Schedule 17, paragraphs 53, 54(1), (2) and by S.I. 2005/1455.

(2)

Section 220(3) was amended but the amendments are not relevant.

(3)

Section 362(6) was amended by S.I. 2008/948.

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