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The Investment Bank Special Administration Regulations 2011

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8.—(1) The statement is to be agreed with the Bank of England and, where the FSA has given a direction under regulation 16, with the FSA.

(2) If the FSA have not given a direction under regulation 16 and the administrator is unable to agree a statement with the Bank of England—

(a)the administrator may apply to the court for directions under paragraph 63 of Schedule B1 (as applied by section 145 of the Act and this Schedule); and

(b)the court may make any order it considers appropriate, including dispensing with the need for the Bank of England’s agreement.

(3) If the FSA have given a direction under regulation 16 which has not been withdrawn and the administrator is unable to agree a statement with either the Bank of England or the FSA, the administrator may apply to the court for directions under paragraph 63 of Schedule B1.

(4) Following an application under sub-paragraph (3), the court may—

(a)make an order dispensing with the need for agreement;

(b)adjourn the hearing conditionally or unconditionally; or

(c)make any other order that the court thinks appropriate.

(5) The court may make an order in sub-paragraph (4)(a) only if it considers that—

(i)the proposals set out in the statement are reasonably likely to ensure that the administrator acts in accordance with the FSA’s direction, and

(ii)the FSA direction is not likely to prejudice the achievement of Objective A.

(6) Where the court makes an order, the administrator shall as soon as reasonably practicable send the order to the registrar of companies and to such persons as may be prescribed.

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