Revision of proposals in the event of FSA direction
18.—(1) This regulation applies where—
(a)the administrator’s statement of proposals under regulation 17 has been agreed with the FSA (or the court has made an order dispensing with the need for agreement);
(b)the administrator proposes a revision to the proposals;
(c)the administrator thinks the revision is substantial; and
(d)the FSA has not withdrawn its direction given under regulation 16.
(2) The administrator shall agree the revised statement with the FSA.
(3) Regulation 17(4) to (7) shall apply where the administrator is unable to agree the revised statement with the FSA.
(4) After the revised statement has been agreed with the FSA (or the court has made an order dispensing with the need for agreement) the administrator shall send the revised statement to—
(a)every creditor of the investment bank of whose claim and address the administrator is aware;
(b)every client of the investment bank of whose claim the administrator is aware and has a means of contacting;
(c)every member of the investment bank of whose address the administrator is aware.
(5) The administrator shall be taken to have complied with paragraph (4)(c) if the administrator publishes a notice undertaking to provide a copy of the revised statement free of charge to any member of the investment bank who applies in writing to a specified address.
(6) A notice under paragraph (5) shall be published in the prescribed manner and within the prescribed period.
(7) The administrator shall send a copy of the revised statement to—
(a)the court; and
(b)the registrar of companies.