Objective 2 – engaging with market infrastructure bodies and the Authorities13
1
The administrator shall work with—
a
a market infrastructure body to—
i
facilitate the operation of that body's default rules or default arrangements,
ii
resolve issues arising from the operation of those rules or arrangements, and
iii
facilitate the F1transfer, settlement or prompt cancellation of non-settled market contracts or, as the case may be, of unsettled settlement instructions; and
b
the Authorities, to facilitate any actions the Authorities propose to take to minimise the disruption of businesses and the markets as a consequence of a special administration order being made in respect of the investment bank.
2
In paragraph (1), “work with” means to—
a
comply, as soon as reasonably practicable, with a written request from such a body or from any of the Authorities for the provision of information or the production of documents (in hard copy or in electronic format) relating to the investment bank;
b
allow that body or any of the Authorities, on reasonable request, access to the facilities, staff and premises of the investment bank for the purposes set out in paragraph (1),
but no action need be taken in accordance with this paragraph to the extent that, in the opinion of the administrator, such action would lead to a material reduction in the value of the property of the investment bank.
3
In the event that the administrator receives a request under paragraph (2) from a market infrastructure body based overseas, no action needs to be taken in accordance with paragraph (2) if that request conflicts with a request from any of the Authorities.
4
Where a market infrastructure body has made a request of the type referred to in paragraph (2), that body shall provide the administrator with such information as the administrator may reasonably require in pursuit of Objective 2.
5
Under this regulation a person or body shall not be required to provide any information—
a
which they would be entitled to refuse to provide on grounds of legal professional privilege in proceedings in the High Court or on grounds of confidentiality of communications in the Court of Session; or
b
if such provision by the body holding it would be prohibited by or under any enactment.