The Financial Markets and Insolvency (Money Market) Regulations 1995

Application of provisions of Part VII of the Act in relation to a listed person

19.—(1) Subject to the following provisions of this Regulation, the provisions of Part VII shall apply in relation to a listed person.

(2) In their application, by virtue of paragraph (1) of this Regulation, in relation to a listed person—

(a) sections 157 (change in default rules), 162 (duty to report on completion of default proceedings), 166 (powers to give directions) and 167 (application to determine whether default proceedings to be taken) of the Act shall apply as if functions under those sections were exercisable by the Bank of England and not by any other person(1);

(b) sections 184(3) and (4) (indemnity for certain acts) shall apply as if the functions mentioned in section 184(3) were the functions of a listed person so far as relating to, or to matters arising out of—

(i) his default rules; or

(ii) any obligation to which he is subject by virtue of Part VII as it is applied by these Regulations; and

(c) section 184(5) shall apply as if the reference to paragraph 5 or 12 of Schedule 21 to the Act was a reference to paragraph 6 of the Schedule to these Regulations.

(1)

By virtue of section 168 of the Companies Act 1989, the functions of the Secretary of State under sections 157, 162, 166 and 167 of that Act in relation to recognised UK investment exchanges and recognised UK clearing houses have been transferred to the Securities and Investments Board.