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HM Treasury has appointed former Freshfields Bruckhaus Deringer partner Peter Bloxham to lead a review of the special administration regime for investment banks (SAR).
The SAR were introduced in 2011 under the Banking Act 2009 in the wake of the Lehman Brothers administration to increase the confidence of market participants in the effectiveness of the UK’s insolvency regime as it applies to investment banks.
The act requires the Treasury to review the ‘Investment Bank Special Administration Regulations 2011’ by February 2013 and states that the review must be carried out by a person with expertise in the law of insolvency or financial services.
Bloxham was a partner at Freshfields until 2006, practising in restructuring and insolvency, with a focus on financial services. In October 2007 the insolvency specialist lost an age discrimination claim against his former firm, later deciding not to appeal the decision.
So far there have been only three cases of companies being put into special administration, with the first being MF Global followed by stockbrokers Pritchard.
Reed Smith partners Charlotte Møller and Richard Spafford are currently advising KPMG on the third case, the administration of spread-betting business WorldSpreads.
The review, which the Treasury announced today, is expected to focus on the effectiveness of SARs and whether additional measures should be taken.
The Treasury confirmed that Bloxham has already begun work and is expected to report by the end of January 2013.
If, as is expected, Bloxham recommends further work, a fuller report will follow by the end of June 2013.