Section 154 Introduction.I1

United Kingdom

This Part has effect for the purposes of safeguarding the operation of certain financial markets by provisions with respect to—

(a)

the insolvency, winding up or default of a person party to transactions in the market (sections 155 to 172),

(b)

the effectiveness or enforcement of certain charges given to secure obligations in connection with such transactions (sections 173 to 176), and

(c)

rights and remedies in relation to certain property provided as cover for margin in relation to such transactions F1or as default fund contribution, or subject to such a charge (sections 177 to 181).

Annotations

Textual amendments

F1: Words in s. 154(c) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(2)

Commencement

I1: S. 154 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.

Notes on Part VII

Modifications

C1

Pt. VII (ss. 154-191): functions of the Secretary of State transferred (7.6.1992) to the Treasury by S.I. 1992/1315, art. 2(1)(c) (with art. 6)

Pt. VII (ss. 154-191) applied (E.W.S.) (15.8.1995) by S.I. 1995/2049, reg.3; and applied (with modifications) (E.W.S.) (15.8.1995) by S.I. 1995/2049, regs.3,4,5,19, 26; and applied (with modifications) (15.7.1996) by S.I. 1996/1469, regs.3, 4, 5

C2

Pt. VII: power to apply conferred (1.12.2001) by 2000 c. 8, s. 301(1)(a); S.I. 2001/3538, art. 2(1)