PART 2Electricity Market Reform

CHAPTER 2Contracts for Difference

21Regulations: further provision

1

Regulations may make provision—

a

to require a CFD counterparty to enter into arrangements or to offer to contract for purposes connected to a CFD;

b

specifying things that a CFD counterparty may or must do, or things that a CFD counterparty may not do;

c

conferring on the Secretary of State further powers to direct a CFD counterparty to do, or not to do, things specified in the regulations or the direction.

2

Provision made by virtue of subsection (1)(b) or (c) includes provision requiring consultation with, or the consent of, the Secretary of State in relation to—

a

the determination of an application for a modification agreement under section 15;

b

the enforcement of obligations under a CFD;

c

a variation or termination of a CFD;

d

the settlement or compromise of a claim under a CFD;

e

the conduct of legal proceedings relating to a CFD;

f

the exercise of rights under a CFD.

3

Regulations must include such provision as the Secretary of State considers necessary to ensure that a CFD counterparty can meet its liabilities under any CFD to which it is a party.