The Government has decided to create a Special Administration Regime (SAR) for systemically important payment and securities settlement systems. It is concerned that, were one of these market infrastructures to become insolvent, the administrator or liquidator would have to work towards maximising value for creditors, rather than keeping critical payment and settlement services running. The Bank of England would have the power to apply to court for an order declaring the start of SAR proceedings. Ensuring continuity of service would be among the special administrator’s objectives. Among the tools for achieving this objective would be a power of direction for BoE over the special administrator, restrictions on early termination rights and power for the special administrator to transfer business on an expedited basis. (Source: SAR for Payment and Settlement Systems)