{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1991/regulation-11",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1991/regulation-11.json",
  "legislation": "uksi/1991/880",
  "legislation_title": "The Financial Markets and Insolvency Regulations 1991",
  "legislation_url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1991",
  "path": "regulation/11",
  "kind": "regulation",
  "number": "11",
  "heading": "Extent to which charge granted in favour of recognised clearing house to be treated as market charge",
  "text": "A charge granted in favour of a recognised clearing house shall be treated as a market charge only to the extent that—\n(a) it is a charge over property provided as margin in respect of market contracts entered into by the clearing house or over property provided as a default fund contribution to the clearing house;\n(aa) in the case of a recognised central counterparty, it secures the obligation to pay to the recognised central counterparty any sum due to it from a clearing member, a client, an indirect client, a recognised investment exchange , a recognised CSD or recognised clearing house in respect of unsettled market contracts to which the clearing member, client, indirect client or recognised body is a party;\n(b) in the case of a recognised clearing house which is not a recognised central counterparty, it secures the obligation to pay to the clearing house any sum due to the clearing house from a member of the clearing house or from a recognised investment exchange or from a recognised CSD or from another recognised clearing house in respect of unsettled market contracts to which the member or recognised body is a party under the rules referred to in paragraph 25 of the Schedule to the Recognition Requirements Regulations; and\n(c) in the case of a recognised overseas clearing house, it secures the obligation to reimburse the cost (other than fees or other incidental expenses) incurred by the clearing house in settling unsettled market contracts in respect of which the charged property is provided as margin.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 11(a) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 3(5)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 11(aa) 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), 30(3)(a) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 11(aa) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 20(5)(a)(i) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 11(aa) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 20(5)(a)(ii) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in reg. 11(b) substituted (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), 30(3)(b) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in reg. 11(b) substituted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 3(5)(b)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in reg. 11(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 20(5)(b)(i) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in reg. 11(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 20(5)(b)(ii) (with regs. 7(4), 9(1))"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 11 in force at 25.4.1991, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1991/880/regulation/11",
    "retrieved_at": "2026-10-29T14:46:16.241256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}