(1) An investment bank special administration order ("special administration order") is an order appointing a person as the investment bank administrator ("administrator") of an investment bank.

(2) A person is eligible for appointment as administrator under a special administration order if qualified to act as an insolvency practitioner in relation to the investment bank.

(3) An appointment may be made only if the person has consented to act.

(4) For the purpose of these Regulations -

(a) an investment bank is "in special administration" while the appointment of the administrator has effect;

(b) an investment bank "enters special administration" when the appointment of the administrator takes effect;

(c) an investment bank ceases to be in special administration when the appointment of the administrator ceases to have effect in accordance with these Regulations; and

(d) an investment bank does not cease to be in special administration merely because an administrator vacates office (by reason of resignation, death or otherwise) or is removed from office.