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The Financial Markets and Insolvency (Settlement Finality) Regulations 1999

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  1. Introductory Text

  2. PART I GENERAL

    1. 1.Citation, commencement and extent

    2. 2.Interpretation

  3. PART II DESIGNATED SYSTEMS

    1. 3.Application for designation

    2. 4.Grant and refusal of designation

    3. 5.Fees

    4. 6.Certain bodies deemed to satisfy requirements for designation

    5. 7.Revocation of designation

    6. 8.Undertakings treated as institutions

    7. 9.Indirect participants treated as participants

    8. 10.Provision of information by designated systems

    9. 11.Exemption from liability in damages

    10. 12.Publication of information and advice

  4. PART III TRANSFER ORDERS EFFECTED THROUGH A DESIGNATED SYSTEMAND COLLATERAL SECURITY

    1. 13.Modifications of the law of insolvency

    2. 14.Proceedings of designated system take precedence over insolvency proceedings

    3. 15.Net sum payable on completion of action taken under default arrangements

    4. 16.Disclaimer of property, rescission of contracts, &c

    5. 17.Adjustment of prior transactions

    6. Collateral security charges

      1. 18.Modifications of the law of insolvency

      2. 19.Administration orders, &c

    7. General

      1. 20.Transfer order entered into designated system following insolvency

      2. 21.Disapplication of certain provisions of Part VII

      3. 22.Notification of insolvency order or passing of resolution for creditors' voluntary winding up

      4. 23.Applicable law relating to securities held as collateral security

      5. 24.Applicable law where insolvency proceedings are brought

      6. 25.Insolvency proceedings in other jurisdictions

      7. 26.Systems designated in other EEA States, Northern Ireland and Gibraltar

  5. Signature

    1. SCHEDULE

      REQUIREMENTS FOR DESIGNATION OF SYSTEM

      1. 1.Establishment, participation and governing law

      2. 2.Arrangements and resources

      3. 3.Financial resources

      4. 4.Co-operation with other authorities

      5. 5.Specific provision in the rules

      6. 6.Default arrangements

  6. Explanatory Note

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