OpenLegislation

Section 162 Duty to report on completion of default procedings.I1C1

United Kingdom

(1)

F1Subject to subsection (1A), F2a recognised body shall, on the completion of proceedings under its default rules, report to the F3appropriate regulator on its proceedings stating in respect of each creditor or debtor the sum F4or sums certified by them to be payable from or to the defaulter or, as the case may be, the fact that no sum is payable.

F5(1A)

A recognised overseas investment exchange or recognised overseas clearing house shall not be subject to the obligation under subsection (1) unless it has been notified by the F6appropriate regulator that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.

F7(1B)

The report under subsection (1) need not deal with a clearing member client contract which has been transferred in accordance with the default rules of a recognised central counterparty.

(2)

F8The recognised body may make a single report or may make reports from time to time as proceedings are completed with respect to the transactions affecting particular persons.

(3)

F9The recognised body shall apply a copy of every report under this section to the defaulter and to any relevant office-holder acting in relation to him or to his estate.

(4)

When a report under this section is received by the F10F11appropriate regulator, it shall publish notice of that fact in such manner as F12it thinks appropriate for bringing F13the report to the attention of creditors and debtors of the defaulter.

(5)

F14A recognised body shall make available for inspection by a creditor or debtor of the defaulter so much of any report by it under this section as relates to the sum (if any) certified to be due or from him or to the method by which that sum was determined.

(6)

Any such person may require F15the recognised body, on payment of such reasonable fee as the recognised body may determine, to provide him with a copy of any part of a report which he is entitled to inspect.

F16(7)

“The appropriate regulator”—

(a)

in relation to a recognised investment exchange or a recognised overseas investment exchange, means the FCA, and

(b)

in relation to a F17recognised CSD, a recognised clearing house or a recognised overseas clearing house, means the Bank of England.

Annotations

Textual amendments

F1

Words in s. 162(1) inserted by S.I. 1991/880, reg. 6(2)

F2

Words in s. 162(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(9)(a) (with regs. 7(4), 9(1))

F3

Words in s. 162(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4

Words in s. 162(1) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(7)(a) (with regs. 52-58)

F5

S. 162(1A) inserted by S.I. 1991/880, reg. 6(3)

F6

Words in s. 162(1A) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7

S. 162(1B) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(7)(b) (with regs. 52-58)

F8

Words in s. 162(2) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(9)(b) (with regs. 7(4), 9(1))

F9

Words in s. 162(3) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(9)(b) (with regs. 7(4), 9(1))

F10

Words in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(a)

F11

Words in s. 162(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F12

Word in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(b)

F13

Words in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(c)

F14

Words in s. 162(5) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(9)(c) (with regs. 7(4), 9(1))

F15

Words in s. 162(6) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(9)(d) (with regs. 7(4), 9(1))

F16

S. 162(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F17

Words in s. 162(7)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(9)(e) (with regs. 7(4), 9(1))

Modifications

C1

S. 162 applied (with modifications) (E.W.S.) (11.12.1999) by S.I. 1999/2979, reg. 15(1)

Commencement

I1

S. 162 wholly in force at 1.10.1991; s. 162 in force for certain purposes at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. and wholly in force at 1.10.1991 see s. 215 and S.I. 1991/2173, art. 2

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)

Notes on Recognised bodies

Textual amendments

F1

S. 155 cross-heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(2) (with regs. 7(4), 9(1))