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10. In regulation 11 (Objective 1—distribution of client assets)—
(a)for paragraph (4) substitute—
“(4) Subject to paragraph (4A), where the administrator sets a bar date—
(a)the administrator must return client assets in accordance with the prescribed procedure; but
(b)no client assets may be returned after the bar date has been set unless the court has given its approval on an application made by the administrator in accordance with the prescribed procedure.
(4A) The administrator may, at any time after setting a bar date, return client assets without the approval of the court if (and only if)—
(a)at that time the administrator has not made any application for court approval to return client assets;
(b)the administrator has identified the person who is beneficially entitled to the assets or has a right to the assets as bailor or otherwise; and
(c)the assets are not held by the investment bank in a client omnibus account (within the meaning given in regulation 12(9)).”;
(b)in paragraph (5) after “has returned client assets” insert “with the approval of the court”; and
(c)in paragraph (8) for the words from “client assets” to the end substitute “client money”.
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