(1) Investment bank insolvency regulations may provide for a procedure to be instituted -

(a) by a court, or

(b) by the action of one or more specified classes of person.

(2) Investment bank insolvency regulations may -

(a) confer functions on persons appointed in accordance with the regulations (which may, in particular, (i) be similar to the functions of a liquidator or administrator under the Insolvency Act 1986, or (ii) involve acting as a trustee of client assets), and

(b) specify objectives to be pursued by a person appointed in accordance with the regulations.

(3) Investment bank insolvency regulations may make the application of a provision depend -

(a) on whether an investment bank is, or is likely to become, unable to pay its debts,

(b) on whether the winding up of an investment bank would be fair, or

(c) partly on those and partly on other considerations.

(4) Investment bank insolvency regulations may make provision about the relationship between a procedure established by the regulations and -