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The Companies (No. 2) (Northern Ireland) Order 1990

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Changes over time for: Section 98

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The Companies (No. 2) (Northern Ireland) Order 1990, Section 98 is up to date with all changes known to be in force on or before 18 August 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects yet to be applied to Article 98:

Power to make provision about certain other chargesN.I.

98.—(1) The Department may by regulations provide that the general law of insolvency has effect in relation to charges of such descriptions as may be specified in the regulations, and action taken in enforcing them, subject to such provisions as may be specified in the regulations.

(2) The regulations may specify any description of charge granted in favour of—

(a)a body approved by the Secretary of State under section 170 of the Companies Act 1989F1 (certain overseas exchanges and clearing houses),

(b)a person included in the list maintained by theF2[F3. . . Authority] for the purposes of[F2 section 301 of the Financial Services and Markets Act 2000] of that Act (certain money market institutions),

(c)the Bank of England,

[F2(d)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or

(e)an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,]

for the purpose of securing debts or liabilities arising in connection with or as a result of the settlement of contracts or the transfer of assets, rights or interests on a financial market.

(3) The regulations may specify any description of charge granted for that purpose in favour of any other person in connection with exchange facilities or clearing services provided by a recognised investment exchange or recognised clearing house or by any such body, person, authority or organisation as is mentioned in paragraph (2).

(4) Where a charge is granted partly for the purpose specified in paragraph (2) and partly for other purposes, the power conferred by this Article is exercisable in relation to the charge so far as it has effect for that purpose.

(5) The regulations may—

(a)make the same or similar provision in relation to the charges to which they apply as is made by or under Articles 96 and 97 in relation to market charges, or

(b)apply any of those provisions with such exceptions, additions or adaptations as are specified in the regulations.

[F3(6)  Before making regulations under this Article relating to a description of charges defined by reference to their being granted in favour of a person included in the list maintained by the F2 . . . Authority for the purposes of [F2 section 301 of the Financial Services and Markets Act 2000 ] of the Companies Act 1989, or in connection with exchange facilities or clearing services provided by a person included in that list, the department shall consult the Treasury, the Authority and the Bank of England.

(6A) Before making regulations under this Article relating to a description of charges defined by reference to their being granted in favour of the Bank of England, or in connection with settlement arrangements provided by the Bank, the Department shall consult the Treasury and the Bank.]

(7) Regulations under this Article may provide that they apply or do not apply to a charge if or to the extent that it secures obligations of a specified description, is a charge over property of a specified description or contains provisions of a specified description.

[F2(8) For the purposes of subsection (2)(d), “relevant regulated activity” means—

(a)dealing in investments as principal or as agent;

(b)arranging deals in investments;

(c)managing investments;

(d)safeguarding and administering investments;

(e)sending dematerialised instructions; F4...

[F5(ea) managing a UCITS ;

(eb) acting as trustee or depositary of a UCITS ;

(ec) managing an AIF ;

(ed) acting as trustee or depositary of an AIF ; or ]

(f) establishing etc. a collective investment scheme.

(9) Paragraph (8) must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

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