Paragraph 14 I1
United Kingdom
(1)
The rules of the clearing house must provide that, in the event of a default, margin provided by the defaulter for his own account is not to be applied to meet a shortfall on a client account.
(2)
This is without prejudice to the requirements of any relevant regulations under section 55 of the M1Financial Services Act 1986 (clients’ money).
Annotations
Marginal citations
- M1
Commencement
- I1
Sch. 21 wholly in force at 25.4.1991; Sch. 21 in force on 25.3.1991 insofar as is necessary to enable regulations to be made under para. 2(3) and wholly in force at 25.4.1991 see s. 215(2) and S.I. 1991/488, art. 2(2), 1991/878, art. 2, Sch.
Notes on Schedule 21
Textual amendments
- F1
Sch. 21 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 75(p)