Regulation 9 Transitional provision for orders made before exit dayI1

After regulation 26 insert—

“Applicable law for orders made and collateral provided before F1IP completion day

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F2(1)

After IP completion day the provisions of these Regulations as they were in force immediately before IP completion day continue to apply to—

(a)

transfer orders entered into a designated system and collateral security provided, prior to IP completion day;

(b)

equivalent overseas orders entered, prior to IP completion day, into a system designated for the purposes of the Settlement Finality Directive in an EEA state or designated in Gibraltar; and

(c)

equivalent overseas security provided prior to IP completion day.

F3(2)

Expressions used in sub-paragraphs (a) to (c) above have the meanings given to them in these Regulations as they were in force immediately before IP completion day. ”.