7.—(1) The following provision of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004(1) applies with the modification set out in this paragraph.
(2) Regulation 11(2) is to be read as if it provided the following—
“(2) The prescribed circumstances are that, after the appointment of the administrator, the administrator, in drawing up the statement of proposals in accordance with paragraph 49 of Schedule B1 (as applied by regulation 15(6) of the Investment Bank Special Administration Regulations 2011) or paragraph 7 of Schedule 2 to those Regulations has concluded that it is not possible to rescue the investment bank as a going concern.”.