# Companies Act 1989, Section 182A: Recognised central counterparties: disapplication of provisions on mutual credit and set-off

Extent: E+W+S+N.I.

(1) Nothing in the law of insolvency shall enable the setting off against each other of—
(a) positions and assets recorded in an account at a recognised central counterparty and held for the account of a client, an indirect client or a group of clients or indirect clients in accordance with Article 39 of the EMIR Level 1 Regulation , Article 3(1) of the EMIR Level 2 Regulation or Article 3(1) of the MIFIR Level 2 Regulation; and
(b) positions and assets recorded in any other account at the recognised central counterparty.
(2) Nothing in the law of insolvency shall enable the setting off against each other of—
(a) positions and assets recorded in an account at a clearing member and held for the account of an indirect client or a group of indirect clients in accordance with Article 4(2) of the EMIR Level 2 Regulation or Article 4(2) of the MIFIR Level 2 Regulation; and
(b) positions and assets recorded in any other account at the clearing member.

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Source: https://www.legislation.gov.uk/ukpga/1989/40/section/182A (the official version)
Page: https://openlegislation.uk/companies-act-1989/section-182A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.