There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001. Any changes that have already been made by the team appear in the content and are referenced with annotations.
10.—(1) The exchange must have default rules which, in the event of a member of the exchange being or appearing to be unable to meet his obligations in respect of one or more market contracts, enable action to be taken in respect of unsettled market contracts to which he is a party.U.K.
(2) The rules may authorise the taking of the same or similar action in relation to a member who appears to be likely to become unable to meet his obligations in respect of one or more market contracts.
(3) The rules must enable action to be taken in respect of all unsettled market contracts, other than those entered into F1... for the purposes of or in connection with the provision of clearing services for the exchange.
[F2(4) Sub-paragraph (5) applies where the exchange has arrangements for transacting business with, or in relation to common members of, a recognised clearing house [F3, a recognised CSD] or another recognised investment exchange.
(5) A recognised investment exchange must have default rules which in the event of the clearing house [F4, the central securities depository] or the investment exchange being or appearing to be unable to meet its obligations in respect of one or more market contracts, enable action to be taken in respect of unsettled market contracts to which that person is a party.]
Textual Amendments
F1Words in Sch. para. 10(3) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) (Amendment) Regulations 2006 (S.I. 2006/3386), regs. 1, 12
F2Sch. paras. 10(4)(5) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 4(3)(a)
F3Words in Sch. para. 10(4) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 4(6)(b)(i)(aa) (with regs. 7(4), 9(1))
F4Words in Sch. para. 10(5) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 4(6)(b)(i)(bb) (with regs. 7(4), 9(1))
Commencement Information
I1Sch. para. 10 in force at 1.12.2001, see reg. 2
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