Establishing resolution arrangements for investment banks
Seeking views on new special administration regime for investment firms.
On 7 February 2011, following their approval by Parliament, “The Investment Bank Special Administration Regulations 2011 and The Investment Bank (Amendment of Definition) Order 2011” were made.
This follows the completion of a consultation exercise on a new special administration regime for investment firms. Responses from stakeholders were invited during the consultation period. The Government received 12 responses from various industry sectors including law firms, exchanges and trade associations.
On the 10 January 2011, the Government published a summary of responses to its consultation document “Special administration regime for investment firms”. The document sets out the Government’s conclusions on the key legislative amendments raised by respondents to the consultation.
The Government intends to introduce insolvency rules to accompany “The Investment Bank Special Administration Regulations 2011” later this year. Separate rules are to be made for England and Wales, for Scotland and for Northern Ireland.