Article 68 Application to determine whether default proceedings to be taken
(1)
Paragraph (2) applies if, before the commencement date, the Authority—
(a)
had received an application made under section 167(1B) of the Companies Act 1989 and in accordance with section 167(2) of that Act; and
(b)
had not—
(i)
notified the clearing house; or
(ii)
given a direction under section 166(2)(a) of that Act.
(2)
The application is to be treated as if it had been made to the Bank of England.
(3)
Paragraph (4) applies if, before the commencement date, a clearing house—
(a)
notified the Authority that it proposed to take action under its default rules; and
(b)
had not taken such action.
(4)
The duty to take action is enforceable, on the application of the Bank of England, by injunction or, in Scotland, by an order under section 45 of the Court of Session Act 1988f1.
Annotations
Footnotes
- f1