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The Financial Markets and Insolvency (CGO Service) Regulations 1999
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- 1999 No. 1209
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
The Regulations make amendments to the Financial Markets and Insolvency Regulations 1991 (the principal Regulations) which are necessary to reflect the fact that operation of the Central Gilts Office Service (CGO Service) is to be transferred by the Bank of England to CRESTCo Limited. This is intended to occur on a contractual basis on 24th May 1999 but, if a notice is given in the London, Edinburgh and Belfast Gazettes that the transfer of responsibility will not occur until a later date, nothing in the Regulations will take effect until the day on which the responsibility is transferred. This will be specified either in the original notice or in a subsequent notice published in the same Gazettes prior to the specified day. The effect of the transfer will be that persons who originally played a role in the operation of the CGO Service under contract with the Bank of England will in future do so under contract with CRESTCo Limited.
The principal Regulations make various amendments and modifications to the provisions of Part VII of the Companies Act 1989 (c. 40). Part VII is concerned with the effect of insolvency law on the financial markets. Part VII, as amended and modified by the principal Regulations, contains provision as to the enforcement of certain charges granted in connection with the operation of the CGO Service.
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