Part 1Special Resolution Regime

Chapter 5 Special cases

F1Investment firms

89AApplication to investment firms

(1)

This Part applies to investment firms as it applies to banks, subject to the modifications in F2the following Table—

Provision

Modification

Section 1

Ignore subsection (2)(b).

F3Section 3

In subsection (1), in the definition of “normal insolvency proceedings” ignore the reference to the bank insolvency procedure.

Section 4

Ignore subsections (2)(b), (6) and (7)(b).

Section 5

Ignore subsection (1)(b).

Section 7

Ignore subsection (7).

F4. . .

F4. . .

Section 8ZA

In subsection (5), ignore the reference to the bank insolvency procedure.

Section 12AA

F5References to normal insolvency proceedings do not include a reference to the bank insolvency procedure.

Section 14

Ignore subsection (5).

Section 60

In subsection (3)(c), ignore the reference to bank insolvency.

Section 60B

In subsection (4), ignore the reference to bank insolvency.

Section 63

In subsection (1A), ignore the reference to bank insolvency.

Section 66

In subsection (1ZA), ignore the reference to bank insolvency.

F6(2)

In the case of investment firms which are FCA-regulated investment firms, in subsection (1) the reference to this Part is a reference to this Part as it applies to FCA-regulated banks by virtue of section 83A.

(3)

In this section—

“FCA-regulated bank” has the meaning given by section 83A(2);

“FCA-regulated investment firm” means an investment firm which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000.