(1) These Regulations provide for a procedure to be known as investment bank special administration ("special administration").

(2) The main features of special administration are that -

(a) an investment bank enters the procedure by court order;

(b) the order appoints an administrator;

(c) the administrator is to pursue the special administration objectives in accordance with the statement of proposals approved by the meeting of creditors and clients and, in certain circumstances, the FCA or, where relevant, the PRA; and

(d) in other respects the procedure is the same as for Schedule B1 administration under the Insolvency Act, subject to specific modifications, and the inclusion of certain liquidation provisions of the Insolvency Act.

(3) Where the investment bank is a deposit-taking bank with eligible depositors (within the meaning of section 93(3) of the Act) -

(a) regulations 4 to 8 do not apply; and