CRD Welcome Package

Suspension of contractual early termination rights 128. No right or obligation of a third party under any contract to which the licensed financial institution or licensed financial holding company in official administration is a party, may be terminated, accelerated, or modified solely because of the appointment of the official administrator or any action taken by the official administrator. Taking control of the licensed financial institution 129. (1) Immediately upon appointment, the official administrator shall secure the properties, offices, assets, books and records of the licensed financial institution or licensed financial holding company, and may take all necessary or appropriate steps aimed at such purpose, including without limitation: (a) cancelling authorisations of persons to engage the financial responsibility of the licensed financial institution or licensed financial holding company and issuing new authorisations, as appropriate, and notifying third parties; (b) informing correspondent financial institutions, registrars and transfer agents of securities, and external asset managers of the licensed financial institution’s or licensed financial holding company’s assets that persons who previously had authorization to give instructions on behalf of the licensed financial institution or licensed financial holding company with respect to dealing in the licensed financial institution’s or licensed financial holding company’s assets or assets held in trust by the licensed financial institution or licensed financial holding company are no longer so authorised and that only the official administrator, and persons authorised by the official administrator have such authority.

(2) In the course of the official administration, the official administrator shall have unrestricted access to, and control over, the properties, offices, assets and the

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