PART 3Process of Special Administration

CHAPTER 1Notice of appointment and statement of affairs

Details of the asset pool, safeguarding measures and reconciliation20.

(1)

In addition to the matters required by paragraph 47(2) and under rule 19, the statement of affairs must include particulars of the asset pool including the relevant funds held by the institution.

(2)

The particulars must include—

(a)

subject to paragraph (3), the names and contact details of each customer of the institution and each such customer’s relevant funds claim,

(b)

details of the asset pool including details of—

(i)

the safeguarding measures employed by the institution and the amount of relevant funds safeguarded in accordance with each of such measures,

(ii)

any relevant funds invested (in the case of a payment institution) in secure, liquid assets approved by the FCA in accordance with regulation 23(6) of the PSR 201711 or (in the case of an electronic money institution) in secure, liquid low-risk assets in accordance with regulation 21(2) of the EMR 201112,

(iii)

any insurance policy covering relevant funds,

(iv)

the accounts in which relevant funds are held,

(v)

any guarantee given by an authorised insurer or authorised credit institution covering relevant funds, and

(c)

details as to any security interest held by the institution or another person in respect of the asset pool.

(3)

Where the particulars required by paragraph (2)(a) relate to customers who are individuals—

(a)

the particulars must be set out in a separate schedule from the statement of affairs, and

(b)

the statement of affairs must state the number of customers who are individuals and the total of the debts owed to them.

(4)

Subject to paragraph (5), the administrator must not—

(a)

disclose to any person any schedule or any of the details contained in any schedule provided under paragraph (3)(a),

(b)

send or deliver to any person (including the registrar of companies) any schedule provided under paragraph (3)(a) at the same time as sending or delivering the statement of affairs, or

(c)

include any schedule or any of the details contained in any schedule provided under paragraph (3)(a) in a statement of proposals or revised statement of proposals under rule 26 or rule 32.

(5)

Following a written request from the FCA, the administrator must, as soon as is reasonably practicable, send or deliver to the FCA a copy of any schedule provided under paragraph (3)(a).