The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2009

Publication Date:January 01, 2009

2009No. 1972

FINANCIAL SERVICES

The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2009

20thJuly2009

21stJuly2009

1stOctober2009

The Treasury are a government department designated 1 for the purposes of section 2(2) of the European Communities Act 1972 2 in relation to measures-

(a) relating to investment firms and to the provision of investment services and to the operation of regulated markets and clearing or settlement systems;

(b) relating to payment systems; and

(c) relating to collateral security provided to the central banks of member States or to the European Central Bank.

The Treasury make these Regulations in exercise of the powers conferred by that section.

Citation, commencement and interpretation

1.These Regulations may be cited as the Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2009, and come into force on 1st October 2009.

Amendment of the Regulations

2.The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 3 are amended as follows.

3.In paragraph (2) of regulation 6 (certain bodies deemed to satisfy requirements for designation) for "the 1986 Act" substitute "the 2000 Act".

4.In regulation 14 (proceedings of designated system take precedence over insolvency proceedings)

(a) in paragraph (1), after "winding up," insert "administration,"(b) in paragraph (2), omit the words from "This does not prevent the court" to the end of the paragraph;(c) in paragraph (4), for "or bankruptcy" substitute ", bankruptcy, or administration,"(d) in paragraph (5)-(i) in sub-paragraph (a), for "section 735 of the Companies Act 1985 or Article 3 of the Companies (Northern Ireland) Order 1986" substitute "section 1 of the Companies Act 2006) or by a building society (within the meaning of section 119 of the Building Societies Act 1986)";(ii) for sub-paragraph (a)(i), substitute-(i) sections 175, 176ZA and 176A of, and paragraph 65(2) of Schedule B1 to, the Insolvency Act 1986 4 or Articles 149, 150ZA, and 150A of, and paragraph 66(2) of Schedule B1 to, the Insolvency (Northern Ireland) Order 1989 5;(ii) Rules 4.30(3) and 4.218(2)(b) of the Insolvency Rules 1986 6, Rules 4.033(3) and 4.228(2)(b) of the Insolvency Rules (Northern Ireland) 1991 7 and rule 4.5(3) of the Insolvency (Scotland) Rules 1986 8;;(iii) for sub-paragraph (a)(ii), substitute-(iii) section 40 (or in Scotland, section 59 and 60(1)(e)) of the Insolvency Act 1986, paragraph 99(3) of Schedule B1 to that Act and section 19(4) of that Act as that section has effect by virtue of section 249(1) of the Enterprise Act 2002;(iv) paragraph 100(3) of Schedule B1 to, and Article 31(4) of that Order, as that Article has effect by virtue of Article 4(1) of the Insolvency (Northern Ireland) Order 2005; and(v) section 754 of the Companies Act 2006; and(e) in paragraph (6)-(i) in sub-paragraph (a)-(aa) after "paragraph 99(3) of Schedule B1 to that Act" insert "and in section 19(4) of that Act as that section has effect by virtue of section 249(1) of the Enterprise Act 2002";(bb) after "paragraph 100(3) to Schedule B1 to that Order" insert "and Article 31(4) of that Order, as that Article has effect by virtue of Article 4(1) of the Insolvency (Northern Ireland) Order 2005";(ii) after sub-paragraph (b), insert-and(c) the debts or liabilities arising or incurred under contracts mentioned in-(i) paragraph 99(4) of Schedule B1...

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