Regulation 20 Transfer order entered into designated system following insolvency

a court has made an order of a type referred to in regulation 22 F1in respect of—

the appointment of an administrator under paragraph 14 or paragraph 22 of Schedule B1 to the Insolvency Act 1986 has taken effect;

that participant F3, a participant in a system which is an interoperable system in relation to the designated system or a system operator of that designated system has passed a creditors' voluntary winding-up resolution, or

a trust deed granted by that participant , a participant in a system which is an interoperable system in relation to the designated system or a system operator of that designated system has become a protected trust deed,

the transfer order is carried out on the F6same business day of the designated system that the event specified in paragraph (1)(a), F7(aa), (b) or (c) occurs, and

F8the system operator can show that it did not have notice of that event at F9the time the transfer order became irrevocable.

a recognised central counterparty F13... or third country central counterparty is the system operator;

a clearing member of that central counterparty has defaulted; and

the transfer order has been entered into the system pursuant to the provisions of the default rules of the central counterparty that provide for the transfer of the positions or assets of a clearing member on its default.

“recognised central counterparty” F14...” and “third country central counterparty” have the meanings given by section 285 of the 2000 Act; and

“clearing member” has the meaning given by section 190(1) of the Companies Act 1989.