C1C2 Part VII Financial Markets and Insolvency

Annotations:
Modifications etc. (not altering text)
C1

Pt. VII (ss. 154-191): functions of the Secretary of State transferred (7.6.1992) to the Treasury by S.I. 1992/1315, art. 2(1)(c) (with art. 6)

Pt. VII (ss. 154-191) applied (E.W.S.) (15.8.1995) by S.I. 1995/2049, reg.3; and applied (with modifications) (E.W.S.) (15.8.1995) by S.I. 1995/2049, regs.3,4,5,19, 26; and applied (with modifications) (15.7.1996) by S.I. 1996/1469, regs.3, 4, 5

C2

Pt. VII: power to apply conferred (1.12.2001) by 2000 c. 8, s. 301(1)(a); S.I. 2001/3538, art. 2(1)

F11Recognised bodies

Annotations:
Amendments (Textual)

I1165 Adjustment of prior transactions.

1

No order shall be made in relation to a transaction to which this section applies under—

a

section 238 or 339 of the Insolvency Act 1986 (transactions at an under-value),

b

section 239 or 340 of that Act (preferences), or

c

section 423 of that Act (transactions defrauding creditors).

2

As respects Scotland, no decree shall be granted in relation to any such transaction—

a

under section F1098 or 99 of the Bankruptcy (Scotland) Act 2016 or section 242 or 243 of the Insolvency Act 1986 (gratuitous alienations and unfair preferences), or

b

at common law on grounds of gratuitous alienations or fraudulent preferences.

3

This section applies to—

a

a market contract to which a F14recognised body is a party or which is entered into under its default rules, F6...

F7ab

a market contract to which this Part applies by virtue of section 155(2B), and

b

a disposition of property in pursuance of a market contract referred to in paragraph (a) or (ab).

4

Where margin is provided in relation to a market contract and (by virtue of subsection (3)(a)F3, (3)(ab) or otherwise) no such order or decree as is mentioned in subsection (1) or (2) has been, or could be, made in relation to that contract, this section applies to—

a

the provision of the margin,

F4ab

a qualifying collateral arrangement,

b

any contract effected by F12the recognised body in question for the purpose of realising the property provided as margin, and

c

any disposition of property in accordance with the rules of F13the recognised bodyF2in question as to the application of property provided as margin.

F15

This section also applies to—

a

the provision of default fund contribution to a F15recognised body,

b

any contract effected by a F16recognised body for the purpose of realising the property provided as default fund contribution, F8...

c

any disposition of property in accordance with the rules of the F17recognised body as to the application of property provided as default fund F9contribution,

F5d

a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement as mentioned in paragraphs (c) to (e) of section 158(1), and

e

a qualifying property transfer.