The Financial Markets and Insolvency (Money Market) Regulations 1995

Interpretation of the Regulations

2.  In these Regulations—

“the Act” means the Companies Act 1989;

“the 1986 Act” means the Financial Services Act 1986(1);

“business day” has the same meaning as in section 167(3) of the Act;

“defaulter” means a person in respect of whom action has been taken by a listed person under his default rules, whether by declaring the person in respect of whom action has been taken to be a defaulter or otherwise;

“default rules” means the rules of a listed person which provide for the taking of action in the event of a person appearing to be unable, or likely to become unable, to meet this liabilities in respect of one or more money market contracts or related contracts;

“the list” means the list maintained by the Bank of England for the purposes of section 171 of the Act;

“listed person” means a person for the time being included in the list;

“money market charge” means a charge, whether fixed or floating, granted in favour of a listed person for the purpose of securing debts or liabilities arising in connection with the settlement of money market contracts or related contracts;

“money market contract” means a contract for the acquisition or disposal of currency of the United Kingdom or of any other country or territory, being a contract in relation to which a listed person provides settlement arrangements;

“Part VII” means Part VII of the Act;

“related contract” means a contract other than a money market contract effected by a listed person under his default rules for the purpose of enabling the settlement of a money market contract or another related contract;

“rules” means the rules made or conditions imposed by a listed person with respect to the provision by that person of settlement arrangements.

(1)

1986 c. 60.