The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Investment Bank Special Administration (England and Wales) Rules 2011

210.  In the Investment Bank Special Administration (England and Wales) Rules 2011(1)—

(a) in the provisions listed in paragraph (b), for “FSA”, in each place it appears, substitute “FCA or, where relevant, the PRA”;

(b) the provisions are—

(i) rule 8(2)(c) (witness statement in support of application);

(ii) rule 10(1)(c) (service of application);

(iii) rule 13(f) (the hearing);

(iv) rule 20(1)(e) (other persons to receive copy of application);

(v) rule 39(1)(e) (Bank of England witness statement);

(vi) rule 41(1)(c) (service);

(vii) rule 44(f) (hearing);

(viii) rule 59(2)(q) (administrator’s proposals);

(ix) rule 61(5) (initial meeting);

(x) rule 63(8) (business of the initial meeting);

(xi) rule 65(9) (revision of the statement of proposals);

(xii) rule 66(4) and (5) (meeting to approve the revised statement of proposals);

(xiii) rule 122(1)(h) (content of progress report);

(xiv) rule 220(2)(a) (final progress report);

(c) in the provisions listed in paragraph (d), for “FSA”, in each place it appears, substitute “FCA and, where the investment bank concerned is a PRA-authorised person, the PRA”;

(d) the provisions are—

(i) rule 26(5)(a) (making, transmission and advertisement of order);

(ii) rule 32(5)(a) (order of appointment);

(iii) rule 55(6) (limited disclosure);

(iv) rule 56(4) and (5) (release from duty to submit statement of affairs);

(v) rule 60(6) (limited disclosure of the statement of proposals);

(vi) rule 65(3) (revision of the statement of proposals);

(vii) rule 70(4) (notice of meeting by individual notice: when and where sent);

(viii) rule 76(6)(a) (requisition of meetings);

(ix) rule 106(6) (functions and meetings of the committee);

(x) rule 117(3) (resolution of creditors’ committees by post);

(xi) rule 118(4) (information from administrator);

(xii) rule 138(3)(a) (notice of the bar date);

(xiii) rule 146(3)(d) (approval by the court);

(xiv) rule 157(3)(a) and (4)(c) (appeal against decision on proof);

(xv) rule 175(3)(b) (notice of proposed distribution);

(xvi) rule 179(1)(b) (notice of declaration of a dividend);

(xvii) rule 181(2)(a) (notice of no dividend or no further dividend);

(xviii) rule 209(3)(f) (application to court to remove administrator from office);

(xix) rule 221(2)(a)(iii) and (4)(a) (application to court by administrator);

(xx) rule 222(1)(c) (application to court by creditor);

(xxi) rule 227(3)(c) and (8)(b) (court file);

(e) in rule 12 (further notification)—

(i) at the end of paragraph (b) omit “and”;

(ii) for paragraph (c) substitute—

“(c) the FCA (if not the applicant); and

(d) if the application relates to a PRA-authorised person, the PRA (if not the applicant).”;

(f) in rule 13, for paragraph (g) substitute—

“(g) the FCA;

(ga) if the investment bank concerned is a PRA-authorised person, the PRA; and”;

(g) in rule 16(2) (notice of special administration order)—

(i) at the end of sub-paragraph (a) omit “and”;

(ii) for sub-paragraph (b) substitute—

“(b) the FCA (if not the applicant); and

(c) if the application relates to a PRA-authorised person, the PRA (if not the applicant).”;

(h) in rule 19(2)(c) (proof of service), for “or the FSA” substitute “, the FCA or the PRA”;

(i) in rule 20(1), for sub-paragraph (c) substitute—

“(c) the FCA (if not the applicant);

(ca) if the application relates to a PRA-authorised person, the PRA (if not the applicant);”;

(j) in rule 30(1) (appointment of person under section 135)—

(i) at the end of sub-paragraph (a) omit “or”;

(ii) for sub-paragraph (b) substitute—

“(b) by the FCA, with the consent of the Bank of England; or

(c) if the application relates to a PRA-authorised person, by the PRA, with the consent of the Bank of England;”;

(k) in rule 42 (other notification)—

(i) at the end of paragraph (b) omit “and”;

(ii) for paragraph (c) substitute—

“(c) the FCA; and

(d) if the application relates to a PRA-authorised person, the PRA.”;

(l) in rule 44 (hearing), for paragraph (b) substitute—

“(b) the FCA;

(ba) if the application relates to a PRA-authorised person, the PRA;”;

(m) in rule 47(2) (notice of order), for paragraph (b) substitute—

“(b) a sealed copy to the FCA;

(ba) if the investment bank concerned is a PRA-authorised person, a sealed copy to the PRA;”;

(n) in rule 50(3) (order of appointment), for sub-paragraph (b) substitute—

“(b) the FCA;

(ba) if the application relates to a PRA-authorised person, the PRA;”;

(o) in rule 59(7) (administrator’s proposals)—

(i) at the end of sub-paragraph (b) omit “and”;

(ii) for sub-paragraph (c) substitute—

“(c) the FCA; and

(d) if the application relates to a PRA-authorised person, the PRA,”;

(p) in rule 138 (notice of the bar date)—

(i) in paragraph (7), for “FSA” in each place it appears substitute “FCA”;

(ii) after paragraph (7) insert—

“(8) If the investment bank concerned is a PRA-authorised person, the PRA may also submit a request to the administrator under paragraph (6) if the PRA considers that there are particular circumstances in respect of a claimant, or a class of claimants, that mean that those persons will have difficulty submitting their claim before the bar date.”;

(q) in rule 165(6) (application of rule 164 in a special administration (bank administration) and special administration (bank insolvency))—

(i) for the definition of “FSA Rules” substitute—

““the appropriate regulator rules” means the rules, as amended from time to time, made under section 213 of the Financial Services and Markets Act 2000 by the FSA or the PRA”;

(ii) in the definition of “protected deposit” for “FSA Rules” substitute “the appropriate regulator rules”;

(r) in rule 184 (disqualification from dividend)—

(i) in paragraph (2), for “FSA” in each place it appears substitute “FCA”;

(ii) after paragraph (2) insert—

“(3) If the investment bank concerned is a PRA-authorised person, notice of an application under paragraph (1) shall also be given by the administrator to the PRA and the PRA shall have the right to appear and be heard at the hearing of the application.”;

(s) in rule 200 (recourse to the court)—

(i) in paragraph (6), for “FSA” in each place it appears substitute “FCA”;

(ii) after paragraph (6) insert—

“(6A) If the investment bank concerned is a PRA-authorised person, notice of the application shall also be given to the PRA and the PRA may nominate a person to appear and be heard on the application.”;

(t) in rule 202(1) (claim that remuneration is excessive)—

(i) at the end of sub-paragraph (c) omit “or”;

(ii) for sub-paragraph (d), substitute—

“(d) the FCA; or

(e) if the investment bank concerned is a PRA-authorised person, the PRA.”;

(u) in rule 207 (notice of intention to resign)—

(i) in paragraph (2), for “FSA” substitute “FCA, the PRA”;

(ii) in paragraph (4), for “FSA” substitute “FCA and, where the investment bank concerned is a PRA-authorised person, the PRA”;

(v) in rule 210(b) (notice of vacation of office when administrator ceases to be qualified), for “FSA” substitute “FCA, the PRA”;

(w) in rule 212(3) (application to replace (special administration))—

(i) at the end of sub-paragraph (c) omit “and”;

(ii) for sub-paragraph (d) substitute—

“(d) the FCA (if not the applicant); and

(e) if the application relates to a PRA-authorised person, the PRA (if not the applicant).”;

(x) in rule 327(5) (proceedings other than special administration commenced), for the definition of “the Authority” substitute—

““the Authority” means—

(a)

where the investment bank is a deposit-taker and the application under paragraph (1) is for an order to convert the proceedings to—

(i)

a special administration (bank administration), the Bank of England;

(ii)

a special administration (bank insolvency)—

(aa)

if the investment bank is a PRA-authorised person, the Bank of England or the PRA (with the consent of the Bank of England);

(bb)

in any other case, the Bank of England or the FCA (with the consent of the Bank of England);

(b)

otherwise, the FCA or the PRA;”.

(1)

S.I. 2011/1301.