OpenLegislation

Regulation 10 Amendments to the ScheduleI1

United Kingdom

In the Schedule—

(a)

omit paragraph 1(1);

F1(b)

in paragraph 5(2)—

(i)

for the first reference to “the system” substitute “a system governed by the law of the United Kingdom”;

(ii)

after “institution” insert “whose head office is in the United Kingdom”;

(c)

in paragraph 5(3)(a), for “the Settlement Finality Directive” substitute “these Regulations”;

(d)

in paragraph 5(4)—

F2(ai)

for the first reference to “the system” substitute “a system governed by the law of the United Kingdom”;

(i)

after “participant” insert “established in the United Kingdom”;

(ii)

omit the “or” at the end of sub-paragraph (a);

(iii)

at the end of sub-paragraph (b) insert “or” and insert a new sub-paragraph (c) as follows—

“(c)

the appointment of an administrator under paragraph 14 or paragraph 22 of Schedule B1 to the Insolvency Act 1986 taking effect,”;

F3(iv)

for the text following the new sub-paragraph (c) substitute—

“to notify forthwith both the system and the designating authority that such a resolution has been passed, that such a trust deed has become a protected trust deed or, as the case may be, that such appointment has taken effect.”.

Annotations

Textual amendments

F1

Reg. 10(b) substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 20(4)(a); 2020 c. 1, Sch. 5 para. 1(1)

F2

Reg. 10(d)(ai) inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 20(4)(b); 2020 c. 1, Sch. 5 para. 1(1)

F3

Reg. 10(e) renumbered as reg. 10(d)(iv) (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 20(4)(c); 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1

Reg. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)