- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
4.—(1) An administrator appointed under a special administration (bank insolvency) order has the following objectives—
(a)Objective A is to work with the FSCS so as to ensure that as soon as is reasonably practicable each eligible depositor—
(i)has the relevant account transferred to another financial institution, or
(ii)receives payments from (or on behalf of) the FSCS; and
(b)the special administration objectives as set out in regulation 10.
(2) Objective A takes precedence over the special administration objectives until a full payment resolution is passed (but the administrator is to begin working towards the special administration objectives immediately on appointment, in accordance with regulation 10).
(3) The administrator must not comply with a direction of the FSA given under regulation 16 in a way which prejudices the achievement of Objective A.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Click 'View More' or select 'More Resources' tab for additional information including: