Article 65 Change in default rules

This article applies if a recognised UK clearing house has given the Authority notice under section 157(1)^f1 of the Companies Act 1989 (change in default rules) on a day which is 14 days or less before the commencement date.

If the Authority gave a direction under that provision before the commencement date, the direction is to be treated as if it had been given by the Bank of England.

If the Authority did not give a direction under that provision before the commencement date, the notice is to be treated as if it had been given to the Bank of England.