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.
24.—(1) The clearing house must have default rules which, in the event of a member of the clearing house being or appearing to be unable to meet his obligations in respect of one or more market contracts, enable action to be taken to close out his position in relation to all unsettled market contracts to which he is a party.U.K.
(2) The rules may authorise the taking of the same or similar action where a member appears to be likely to become unable to meet his obligations in respect of one or more market contracts.
[F1(3) Sub-paragraph (4) applies where the clearing house has arrangements for transacting business with, or in relation to common members of, a recognised investment exchange [F2, a recognised CSD] or another recognised clearing house.
(4) A recognised clearing house must have default rules which in the event of the investment exchange [F3, the central securities depository] or the clearing house 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
F1Sch. paras. 24(3)(4) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 4(3)(g)
F2Words in Sch. para. 24(3) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 4(6)(c)(i)(aa) (with regs. 7(4), 9(1))
F3Words in Sch. para. 24(4) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 4(6)(c)(i)(bb) (with regs. 7(4), 9(1))
Commencement Information
I1Sch. para. 24 in force at 1.12.2001, see reg. 2
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