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11.—(1) If the administrator thinks it necessary in order to expedite the return of client assets, the administrator may set a bar date for the submission of—
(a)claims to the beneficial ownership, or other form of ownership, of the client assets; or
(b)claims of persons in relation to a security interest asserted over, or other entitlement to, those assets.
(2) Claims under paragraph (1) include claims that are contingent or disputed.
(3) In setting a bar date, the administrator must allow a reasonable time after notice of the special administration has been published (in accordance with insolvency rules) for persons to be able to calculate and submit their claims.
(4) Where the administrator sets a bar date—
(a)the administrator shall return client assets in accordance with the procedure set down by insolvency rules; but
(b)no client assets shall be returned after the bar date has been set without the approval of the court in accordance with the procedure set down in insolvency rules.
(5) Where the administrator, after setting a bar date, has returned client assets, if the administrator then receives a late claim of a type described in paragraph (1) in respect of assets that have been returned—
(a)there shall be no disruption to those client assets that have already been returned;
(b)the person to whom the assets have been returned acquires good title to them as against the late-claiming claimant,
and insolvency rules shall prescribe how the late claim is to be treated by the administrator.
(6) The restrictions in paragraph (5) shall not apply where—
(a)the client assets were returned to a person (“P”) by the administrator in bad faith in which P was complicit; or
(b)P is later found to have made a false claim to those assets.
(7) In this regulation, “bar date” means a date by which claims as described in paragraph (1) must be submitted.
(8) This regulation does not apply to client assets received or held, or which should have been held, by the investment bank in accordance with rules made by virtue of section 139 of FSMA (clients’ money).
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