Application of Part V of the Order in relation to system-charges
3.—(1) Subject to the provisions of these Regulations, Part V of the Order(1) shall apply in relation to—
(a)a charge to which paragraph (2) applies (“a system-charge”) and any action taken to enforce such a charge; and
(b)any property subject to a system-charge,
in the same way as it applies in relation to a market charge, any action taken to enforce a market charge and any property subject to a market charge.
(2) This paragraph applies in relation to a charge granted in favour of a settlement bank for the purpose of securing debts or liabilities arising in connection with any of the following—
(a)a transfer of uncertificated units of a security to a system-member by means of a relevant system whether the system-member is acting for himself or on behalf of a system-beneficiary;
(b)a transfer, by one system-beneficiary to another and by means of a relevant system, of his interests in relation to uncertificated units of a security held by a relevant nominee where the relevant nominee will continue to hold the units;
(c)an agreement to make a transfer of the kind specified in sub-paragraph (a);
(d)an agreement to make a transfer of the kind specified in sub-paragraph (b); and
(e)an issue of uncertificated units of a security to a system-member by means of a relevant system whether the system-member is acting for himself or on behalf of a system-beneficiary.
(3) In its application, by virtue of these Regulations, in relation to a system-charge, Article 95(2) of the Order shall have effect as if the references to “purposes specified” and “specified purposes” were references to any one or more of the purposes specified in paragraph (2).
Part V of the Companies (No. 2) (Northern Ireland) Order 1990 has been amended by the Financial Markets and Insolvency Regulations (Northern Ireland) 1991 (S.R. 1991 No. 443)