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

The Investment Bank Special Administration (Scotland) Rules 2011

216.  In the Investment Bank Special Administration (Scotland) 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 9(1)(d) (service of application);

(ii) rule 26(1)(d) (service);

(iii) rule 39(2)(q) (statement of proposals);

(iv) rule 40(4) (initial meeting);

(v) rule 42(8) (business of the initial meeting);

(vi) rule 44(9) (revision of the statement of proposals);

(vii) rule 45(4) and (5) (meeting to approve the revised statement of proposals);

(viii) rule 99(1)(i) (content of progress report);

(ix) rule 149(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 36(5) (limited disclosure);

(ii) rule 37(4) (release from duty to submit statement of affairs);

(iii) rule 44(3) (revision of the statement of proposals);

(iv) rule 49(4) (notice of meeting by individual notice: when and where sent);

(v) rule 55(6) (requisition of meetings);

(vi) rule 83(6) (functions and meetings of the committee);

(vii) rule 94(3) (resolutions otherwise than at a meeting);

(viii) rule 95(4) (information from administrator);

(ix) rule 114(3)(a) (notice of the bar date);

(x) rule 122(3) (approval by the court);

(xi) rule 127(3) (application of the 1985 Act in relation to creditor’s claims);

(xii) rule 132(5) and (6) (application of 1985 Act in relation to distribution of assets);

(xiii) rule 138(4) (notice of intention to resign);

(xiv) rule 140(1)(f) (application to court to remove administrator from office);

(xv) rule 150(2)(c) (application to court by administrator);

(xvi) rule 151(1)(c) (application to court by creditor);

(xvii) rule 187(1)(i) (right to inspect documents, to have list of creditors and to copy documents);

(e) in rule 9(1) (service of application), for paragraph (a) substitute—

“(a) the FCA (if not the applicant);

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

(f) in rule 11(1) (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).”;

(g) in rule 14(4)(b) (appointment of administrator by the court), for paragraph (i) substitute—

“(i) the FCA (if not the applicant);

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

(h) in rule 17(1) (appointment of person under section 135 of the 1986 Act)—

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

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

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

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

(i) in rule 18(2) (order of appointment), for 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); and”;

(j) in rule 22(1) (termination of appointment)—

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

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

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

(c) if the investment bank concerned is a PRA-authorised person, the PRA, with the consent of the Bank of England.”;

(k) in rule 26(1) (service)—

(i) for sub-paragraph (a) substitute—

“(a) on the FCA;

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

(l) in rule 28 (notice of order), for paragraph (b) substitute—

“(b) the FCA;

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

(m) in rule 31(2) (order of appointment), for sub-paragraph (b) substitute—

“(b) the FCA;

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

(n) in rule 39(7) (statement of 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,”;

(o) in rule 114(7), for “the FSA”—

(i) in the first place it appears substitute “the FCA or, where the investment bank concerned is a PRA-authorised person, the PRA”;

(ii) in the second place it appears, substitute “that regulator”;

(p) in rule 134(6) (rights of eligible depositors and set-off)—

(i) after the definition of “the 2000 Act” insert—

“”the appropriate regulator’s rules” means the rules, as amended from time to time, made under section 213 of the 2000 Act by—

(a)

if the investment bank is a PRA-authorised person, the PRA or the FCA;

(b)

in any other case, the FCA;”;

(ii) in the definition of “protected deposit”, for “the General Provisions and Glossary Instrument 2001 (2001/7) made by the Financial Services Authority under the 2000 Act” substitute “the appropriate regulator’s rules”;

(q) in rule 136 (administrator’s application to increase remuneration), for paragraph (6) substitute—

“(6) Notice of the application shall also be given to the FCA and, where the investment bank concerned is a PRA-authorised person, the PRA; and a regulator to which notice is given may nominate a person to appear or be represented on the application.”;

(r) in rule 138(2) (notice of intention to resign), for “FSA” substitute “FCA, the PRA”;

(s) in rule 141(4)(b) (incapacity of administrator to act through death or otherwise), for “FSA” substitute “FCA, the PRA”;

(t) in rule 142(2) (application to replace (special administration)), 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); and”;

(u) in rule 194(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. 2011/2262 (S.3).