# The Financial Markets and Insolvency Regulations 1991, Regulation 3: Further provision as to market contracts

Extent: E+W+S

For subsection (2) of section 155 of the Act (market contracts) substitute—
“(2) Except as provided in subsection (2A), in relation to a recognised investment exchange this Part applies to—
(a) contracts entered into by a member or designated non-member of the exchange which are either
(i) contracts made on the exchange or on an exchange to whose undertaking the exchange has succeeded whether by amalgamation, merger or otherwise; or
(ii) contracts in the making of which the member or designated non-member was subject to the rules of the exchange or of an exchange to whose undertaking the exchange has succeeded whether by amalgamation, merger or otherwise; and
(b) contracts subject to the rules of the exchange entered into by the exchange for the purposes of or in connection with the provision of clearing services.
A “designated non-member” means a person in respect of whom action may be taken under the default rules of the exchange but who is not a member of the exchange.
(2A) This Part does not apply to contracts falling within paragraph (a) of subsection (2) above where the exchange in question is a recognised overseas investment exchange.”.

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Source: https://www.legislation.gov.uk/uksi/1991/880/regulation/3 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-regulations-1991/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.