{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999.json",
  "id": "uksi/1999/2979",
  "title": "The Financial Markets and Insolvency (Settlement Finality) Regulations 1999",
  "short_title": "Financial Markets and Insolvency (Settlement Finality) 1999",
  "long_title": "The Regulations implement Directive 98/26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems (OJ L166, 19.5.98, p. 45) (“the Directive”). The Directive seeks to reduce the risks associated with participation in payment and securities settlement systems by minimising the disruption caused by insolvency proceedings brought against a participant in such a system.",
  "citation": "S.I. 1999/2979",
  "type": "uksi",
  "year": "1999",
  "number": "2979",
  "version": "current",
  "date": "1999-11-02",
  "revised": true,
  "valid_from": "2024-01-04",
  "extent": null,
  "unapplied_effects": 1,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/introduction",
      "extent": null,
      "status": null,
      "parent": null
    },
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      "path": "part/I",
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      "number": "I",
      "heading": "GENERAL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
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      "path": "regulation/1",
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      "heading": "Citation, commencement and extent",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/I"
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      "heading": "Interpretation",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/I"
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      "path": "part/II",
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      "number": "II",
      "heading": "DESIGNATED SYSTEMS",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/3",
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      "heading": "Application for designation",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-3",
      "extent": null,
      "status": null,
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      "path": "regulation/4",
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      "extent": null,
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      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-5",
      "extent": null,
      "status": null,
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      "heading": "Certain bodies deemed to satisfy requirements for designation",
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      "extent": null,
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      "heading": "Revocation of designation",
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      "extent": null,
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    {
      "path": "regulation/8",
      "kind": "regulation",
      "number": "8",
      "heading": "Undertakings treated as institutions",
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      "heading": "Indirect participants treated as participants",
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      "extent": null,
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      "path": "regulation/10",
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      "heading": "Provision of information by designated systems",
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      "path": "regulation/11",
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      "heading": "Exemption from liability in damages",
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      "extent": null,
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    {
      "path": "regulation/12",
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      "heading": "Publication of information and advice",
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      "extent": null,
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    {
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      "number": "III",
      "heading": "TRANSFER ORDERS EFFECTED THROUGH A DESIGNATED SYSTEMAND COLLATERAL SECURITY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
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      "heading": "Modifications of the law of insolvency",
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      "path": "regulation/15",
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      "heading": "Net sum payable on completion of action taken under default arrangements",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-15",
      "extent": "E+W+S+N.I.",
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    {
      "path": "regulation/16",
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      "number": "16",
      "heading": "Disclaimer of property, rescission of contracts, &c",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-16",
      "extent": "E+W+S+N.I.",
      "status": null,
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      "heading": "Adjustment of prior transactions",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-17",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
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      "path": "regulation/18",
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      "heading": "Modifications of the law of insolvency",
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      "extent": null,
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      "path": "regulation/19",
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      "heading": "Administration orders, &c",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/III/crossheading/collateral-security-charges"
    },
    {
      "path": "part/III/crossheading/general",
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      "heading": "General",
      "url": null,
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      "status": null,
      "parent": "part/III"
    },
    {
      "path": "regulation/20",
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      "number": "20",
      "heading": "Transfer order entered into designated system following insolvency",
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    {
      "path": "regulation/21",
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      "number": "21",
      "heading": "Disapplication of certain provisions of Part VII and Part V",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-21",
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      "status": null,
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    {
      "path": "regulation/22",
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      "number": "22",
      "heading": "Notification of insolvency order or passing of resolution for creditors' voluntary winding up",
      "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-22",
      "extent": null,
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      "path": "regulation/23",
      "kind": "regulation",
      "number": "23",
      "heading": "Applicable law relating to securities held as collateral security",
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