Special administration—letter to all known clients: notice of appointment of special administrators

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  • Special administration—letter to all known clients: notice of appointment of special administrators

Special administration—letter to all known clients: notice of appointment of special administrators

[TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM]

TO ALL KNOWN CLIENTS

[ENTER DATE]

Dear Sirs

[name of Investment Bank]—in special administration (the ‘Investment Bank’)

I write to advise you that I was appointed as Joint Special Administrator of the Investment Bank on [date] together with my partner, [name of other special administrator]. A formal notice of appointment is attached.

Under the Investment Bank Special Administration Regulations 2011, SI 2011/245 (the ‘Regulations’) the purpose of the special administration is to achieve the following objectives:

  1. ensure the return of client assets as soon as reasonably practicable

  2. ensure timely engagement with market infrastructure bodies and the authorities pursuant to Regulation 13, and

  3. to either:

    1. rescue the investment bank as a going concern; or

    2. wind it up in the best interests of creditors.

In this matter, the [Financial Conduct Authority OR Prudential Regulation Authority] has consented to the special administration of the Investment Bank.

In respect of the client assets and/or client monies held with the Investment Bank, I am in the process of reviewing the position of each client to ensure the client accounts have been reconciled prior to any transfer of client assets and/or client monies that are being held in the Investment Bank’s client account [and also in its CREST facility]. I envisage being in a

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