Regulation 13 Modifications of the law of insolvency

United Kingdom

(1)

The general law of insolvency has effect in relation to—

(a)

transfer orders effected through a designated system and action taken under the rules of a designated system with respect to such orders; and

(b)

collateral security,

subject to the provisions of this Part.

(2)

Those provisions apply in relation to—

F1(a)

insolvency proceedings in respect of a participant in a designated system, or of a participant in a system which is an interoperable system in relation to that designated system;

F2(b)

insolvency proceedings in respect of a provider of collateral security, in so far as the proceedings affect the rights of the collateral-taker; and

F3(c)

insolvency proceedings in respect of a system operator of a designated system or of a system which is an interoperable system in relation to that designated system;

but not in relation to any other insolvency proceedings, notwithstanding that rights or liabilities arising from transfer orders or collateral security fall to be dealt with in the proceedings.

(3)

Subject to regulation 21, nothing in this Part shall have the effect of disapplying Part VII F4or Part V.

F5(4)

References in this Part to “insolvency proceedings” shall F6include winding up and administration.

F7(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Reg. 13(2)(a) substituted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 2(10)(a) (with reg. 3)
F2: Reg. 13(2)(b) substituted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 7 (with reg. 21) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 23(b) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3: Reg. 13(2)(c) inserted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 2(10)(c) (with reg. 3)
F4: Words in reg. 13(3) inserted (2.2.2006) by The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2006 (S.I. 2006/50), regs. 1, 2(5)
F5: Reg. 13(4) inserted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 2(10)(d) (with reg. 3)
F6: Words in reg. 13(4) 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), 32(5)(a) (with regs. 52-58)
F7: Reg. 13(4)(a)(b) omitted (1.4.2013) by virtue of 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), 32(5)(b) (with regs. 52-58)