Regulation 17 Restriction of paragraph 2 of Schedule 21 to ActI1

In Schedule 21 to the Act (additional requirements for recognition) the following new sub-paragraph shall be added at the end of paragraph 2—

“(4)

The reference in sub-paragraph (1) to rights and liabilities between those party as principal to unsettled market contracts does not include rights and liabilities—

(a)

in respect of margin; or

(b)

arising out of a failure to perform a market contract.”.