The Investment Bank Special Administration Regulations 2011
| Jurisdiction | UK Non-devolved |
| Citation | SI 2011/245 |
| Year | 2011 |
- “the Act” means the Banking Act 2009;
- “administrator” has the meaning set out in regulation 4;
- “Authorities” means the Bank of England, the Treasury and the FSA;
- “business day” has the meaning set out in section 251 of the Insolvency Act;
- “client” means a person for whom the investment bank has undertaken to receive or hold client assets (whether or not on trust and whether or not that undertaking has been complied with) ;
- “contributory” has the meaning set out in section 79 of the Insolvency Act ;
- “court” means—
- (a) in England and Wales, the High Court,
- (b) in Scotland, the Court of Session, and
- (c) in Northern Ireland, the High Court;
- “deposit-taking bank” means an investment bank to which the definition set out either in section 2 or in section 91 of the Act applies;
- “the Disqualification Act” means the Company Directors Disqualification Act 1986 ;
- “enactment” includes—
- (a) an enactment comprised in or in an instrument made under an Act of the Scottish Parliament;
- (b) Acts and Measures of the National Assembly for Wales and instruments made such an Act or Measure;
- (c) Northern Ireland legislation;
- “fair” is to be construed in accordance with section 93(8) of the Act;
- “FSA” means the Financial Services Authority;
- “FSCS” means the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of FSMA) ;
- “FSMA” means the Financial Services and Markets Act 2000 ;
- “the Insolvency Act” means the Insolvency Act 1986 ;
- “insolvency rules” means rules made under section 411 of the Insolvency Act as applied and modified by regulation 15;
- “market charge” means a charge to which Part 7 of the Companies Act 1989 applies as a result of the operation of section 173 of that Act ;
- “market contract” means a contract to which Part 7 of the Companies Act 1989 applies as a result of the operation of section 155 of that Act ;
- “market infrastructure body” means a recognised clearing house, recognised investment exchange, recognised overseas clearing house or recognised overseas investment exchange in relation to which the investment bank is a counterparty in a market contract or to a market charge or is a member or participant;
- “Objective 1”, “Objective 2” and “Objective 3” have the meanings set out in regulation 10;
- “prescribed” means prescribed by insolvency rules;
- “recognised clearing house” has the meaning set out in section 285 of FSMA;
- “recognised investment exchange” has the meaning set out in section 285 of FSMA;
- “recognised overseas clearing house” means an overseas person in respect of whom the FSA has made a recognition order under section 292 of FSMA declaring them to be a recognised clearing house;
- “recognised overseas investment exchange” means an overseas person in respect of whom the FSA has made a recognition order under section 292 of FSMA declaring them to be a recognised investment exchange;
- “Schedule B1” means Schedule B1 to the Insolvency Act ;
- “Schedule B1 administration” means the administration procedure set out in Schedule B1;
- “securities” means financial instruments as defined in regulation 3 of the Financial Collateral Arrangements (No.2) Regulations 2003 ;
- “security interest” means any legal or equitable interest or any other right in security (other than a title transfer financial collateral arrangement) created or otherwise arising by way of security including—
- (a) a pledge,
- (b) a mortgage,
- (c) a fixed charge,
- (d) a charge created as a floating charge, or
- (e) a lien;
- “special administration” has the meaning set out in regulation 3;
- “special administration (bank insolvency) ” has the meaning set out in paragraph 1 of Schedule 1;
- “special administration (bank administration) ” has the meaning set out in paragraph 1 of Schedule 2;
- “special administration objectives” has the meaning set out in regulation 10;
- “special administration order” has the meaning set out in regulation 4;
- “statement of proposals” means the statement of proposals drawn up by the administrator in accordance with—
- (a) paragraph 49 of Schedule B1 (as applied by regulation 15) ;
- (b) where the FSA has given a direction, regulation 17; or
- (c) in relation to Schedule 2, paragraph 7 of that schedule; and
- “title transfer financial collateral arrangement” has the meaning set out in regulation 3 of the Financial Collateral Arrangements (No.2) Regulations 2003.
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