The Investment Bank Special Administration Regulations 2011 (the Regulations), SI 2011/245 came into force on 8 February 2011 pursuant to powers contained in the Banking Act 2009 (BA 2009). The Investment Bank Special Administration (England and Wales) Rules 2011 (the Rules), SI 2011/1301 came into effect on 30 June 2011.
Following a consultation in 2016, HM Treasury published the Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017, SI 2017/443 effective from 6 April 2017 onwards. These regulations:
make it easier for an administrator to transfer client assets
strengthen the bar date mechanism
provide that client money claimants cannot claim interest from the general estate except in respect of any shortfall which they would have had if they had made a claim on the client money pool. This is to discourage claimants from waiting to see which estate they are likely to get more out of before making their claim
include a duty on the administrator to co-operate with the scheme manager of the FSCS, and
provide for contracts for services relating to the safe custody
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