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The Investment Bank Special Administration Regulations 2011

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Revision to the statement of proposals (Objective A achieved and no FSA direction)

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12.—(1) This paragraph applies where —

(a)the events in paragraph 11(1)(a) to (c) have occurred;

(b)the Bank of England has given the Objective A Achievement Notice; and

(c)the FSA has not given a direction under regulation 16, or if it has, that direction has been withdrawn.

(2) Paragraph 54 of Schedule B1 applies in respect of that statement save that—

(a)if the administrator considers that the proposed revision affects both creditors and clients, then every reference in paragraph 54 to creditors includes clients;

(b)if the administrator considers that the proposed revision only affects either creditors or clients, then paragraph 54 only applies in respect of the affected party,

and where sub-paragraph (b) applies, the party not affected must be informed of the proposed revision in a manner prescribed.

(3) In sub-paragraph (2) of paragraph 54 the FSA shall be sent a copy of the statement of the proposed revision and be invited to appoint a representative to attend the creditors’ meeting.

(4) The FSCS shall be sent a copy of the statement of the proposed revision.

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