# The Financial Markets and Insolvency (Settlement Finality) Regulations 1999, Regulation 13: Modifications of the law of insolvency

Extent: E+W+S+N.I.

(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—
(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;
(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
(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 or Part V.
(4) References in this Part to “insolvency proceedings” shall include winding up and administration.
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/uksi/1999/2979/regulation/13 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.