{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-20",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-20.json",
  "legislation": "uksi/1999/2979",
  "legislation_title": "The Financial Markets and Insolvency (Settlement Finality) Regulations 1999",
  "legislation_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999",
  "path": "regulation/20",
  "kind": "regulation",
  "number": "20",
  "heading": "Transfer order entered into designated system following insolvency",
  "text": "(1) This Part does not apply in relation to any transfer order given by a participant which is entered into a designated system after—\n(a) a court has made an order of a type referred to in regulation 22 in respect of—\n(i) that participant;\n(ii) a participant in a system which is an interoperable system in relation to the designated system; or\n(iii) a system operator which is not a participant in the designated system, or , or\n(aa) the appointment of an administrator under paragraph 14 or paragraph 22 of Schedule B1 to the Insolvency Act 1986 has taken effect;\n(b) 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 passed a creditors' voluntary winding-up resolution, or\n(c) 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,\nunless the conditions mentioned in either paragraph (2) or paragraph (4) are satisfied.\n(2) The conditions referred to in this paragraph are that—\n(a) the transfer order is carried out on the same business day of the designated system that the event specified in paragraph (1)(a), (aa), (b) or (c) occurs, and\n(b) the system operator can show that it did not have notice of that event at the time the transfer order became irrevocable.\n(3) For the purposes of paragraph (2)(b), the relevant system operator shall be taken to have notice of an event specified in paragraph (1)(a), (aa), (b) or (c) if it deliberately failed to make enquiries as to that matter in circumstances in which a reasonable and honest person would have done so.\n(4) The conditions referred to in this paragraph are that—\n(a) a recognised central counterparty ... or third country central counterparty is the system operator;\n(b) a clearing member of that central counterparty has defaulted; and\n(c) 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.\n(5) In paragraph (4)—\n(a) “recognised central counterparty” ...” and “third country central counterparty” have the meanings given by section 285 of the 2000 Act; and\n(b) “clearing member” has the meaning given by section 190(1) of the Companies Act 1989.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 20(1)(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(13)(a) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 20(1)(aa) inserted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(1)(a) (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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 20(1)(b)(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(13)(b) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 20(1) 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(6)(a) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in reg. 20(2) 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(6)(b) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in reg. 20(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(13)(c)(i) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Word in reg. 20(2)(a) inserted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(1)(b) (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)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in reg. 20(2)(b) 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(13)(c)(ii)(aa) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in reg. 20(2)(b) 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(13)(c)(ii)(bb) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in reg. 20(3) 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(13)(d) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Word in reg. 20(3) inserted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(1)(b) (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)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Reg. 20(4)(5) inserted (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(6)(c) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Words in reg. 20(4)(a) omitted (31.12.2020) by virtue of The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(1)(c) (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)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "Words in reg. 20(5)(a) omitted (31.12.2020) by virtue of The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(1)(d) (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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1999/2979/regulation/20",
    "retrieved_at": "2026-10-29T09:36:14.649792+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}