MF Global UK enters Special Administration Regime
31st October 2011The Financial Services Authority (FSA) confirms that MF Global UK Limited (MF Global UK) has entered the Special Administration Regime (SAR) and Richard Fleming, Richard Heis and Mike Pink of KPMG LLP have been appointed as joint special administrators. This follows a decision taken by the board of MF Global UK.
The SAR was adopted in February 2011 following the collapse of Lehman Brothers and has the advantage over ordinary corporate administration in that it sets special objectives for the administrator. These include the swift return of client assets and the timely engagement with market infrastructure. This is the first time the SAR has been initiated.
Clients of MF Global UK should contact KPMG for more information.
