{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/schedule/paragraph-5",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/schedule/paragraph-5.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": "schedule/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": "Specific provision in the rules",
  "text": "(1) The rules of the system must—\n(a) specify the point at which a transfer order takes effect as having been entered into the system,\n(b) specify the point after which a transfer order may not be revoked by a participant or any other party, and\n(c) prohibit the revocation by a participant or any other party of a transfer order from the point specified in accordance with paragraph (b).\n(1A) Where the system has one or more interoperable systems, the rules required under paragraph (1)(a) and (b) shall, as far as possible, be co-ordinated with the rules of those interoperable systems.\n(1B) The rules of the system which are referred to in paragraph (1)(a) and (b) shall not be affected by any rules of that system’s interoperable systems in the absence of express provision in the rules of the system and all of those interoperable systems.\n(2) The rules of a system governed by the law of the United Kingdom must require each institution whose head office is in the United Kingdom which participates in the system to provide upon payment of a reasonable charge the information mentioned in sub-paragraph (3) to any person who requests it, save where the request is frivolous or vexatious. The rules must require the information to be provided within fourteen days of the request being made.\n(3) The information referred to in sub-paragraph (2) is as follows—\n(a) details of the systems which are designated for the purposes of these Regulations in which the institution participates, and\n(b) information about the main rules governing the functioning of those systems.\n(4) The rules of a system governed by the law of the United Kingdom must require each participant established in the United Kingdom upon—\n(a) the passing of a creditors' voluntary winding up resolution, ...\n(b) a trust deed granted by him becoming a protected trust deed, or\n(c) the appointment of an administrator under paragraph 14 or paragraph 22 of Schedule B1 to the Insolvency Act 1986 taking effect,\nto notify forthwith both the system and the designating authority that such a resolution has been passed, that such a trust deed has become a protected trust deed or, as the case may be, that such appointment has taken effect.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. para. 5(1A)(1B) 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(17)(d) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. para. 5(2) 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), 10(b)(i) (with reg. 21) (as amended by S.I. 2019/710, regs. 1(2), 20(4)(a); 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 Sch. para. 5(2) 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), 10(b)(ii) (with reg. 21) (as amended by S.I. 2019/710, regs. 1(2), 20(4)(a); 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": "F4",
      "text": "Words in Sch. para. 5(3)(a) 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), 10(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": "F5",
      "text": "Words in Sch. para. 5(4) 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), 10(d)(ai) (with reg. 21) (as amended by S.I. 2019/710, regs. 1(2), 20(4)(b); 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": "F6",
      "text": "Words in Sch. para. 5(4) 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), 10(d)(i) (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": "F7",
      "text": "Word in Sch. para. 5(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), 10(d)(ii) (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": "Sch. para. 5(4)(c) and preceding word 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), 10(d)(iii) (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": "F9",
      "text": "Words in Sch. para. 5(4) 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), 10(d)(iv) (with reg. 21) (as amended by S.I. 2019/710, regs. 1(2), 20(4)(c); 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/schedule/paragraph/5",
    "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."
}