16(1)It is immaterial for the purposes of section 140C(4)(a) to (c) of the 1974 Act when (as the case may be) a credit agreement or a linked transaction was made or a security was provided.U.K.
(2)In relation to an order made under section 140B of the 1974 Act during the transitional period in connection with a credit agreement—
(a)references in subsection (1) of that section to any related agreement shall not include references to a related agreement to which this sub-paragraph applies;
(b)the reference to a security in paragraph (d) of that subsection shall not include a reference to a security to which this sub-paragraph applies;
and the order shall not under paragraph (g) of that subsection direct accounts to be taken, or (in Scotland) an accounting to be made, between any persons in relation to a related agreement to which this sub-paragraph applies.
(3)Sub-paragraph (2) applies to a related agreement or a security if—
(a)it was made or provided before the commencement of section 21 of this Act; and
(b)it ceased to have any operation before the order under section 140B is made.
(4)In relation to an order made under section 140B after the end of the transitional period in connection with a credit agreement—
(a)references in subsection (1) of that section to any related agreement shall not include references to a related agreement to which this sub-paragraph applies;
(b)the reference to a security in paragraph (d) of that subsection shall not include a reference to a security to which this sub-paragraph applies;
and the order shall not under paragraph (g) of that subsection direct accounts to be taken, or (in Scotland) an accounting to be made, between any persons in relation to a related agreement to which this sub-paragraph applies.
(5)Sub-paragraph (4) applies to a related agreement or a security if—
(a)it was made or provided before the commencement of section 21; and
(b)it ceased to have any operation before the end of the transitional period.
(6)Expressions used in sections 140A to 140C of the 1974 Act have the same meanings in this paragraph as they have in those sections.
(7)In this paragraph “the transitional period” means the period of one year beginning with the day of the commencement of section 21.
(8)An order under section 69 of this Act may extend, or further extend, the transitional period.
Commencement Information
I1Sch. 3 para. 16 in force at 6.4.2007 by S.I. 2007/123, art. 3(2), Sch. 2