74. The Financial Markets and Insolvency (Settlement Finality) Regulations 1999(1) shall be amended as follows.
75. In regulation 14 (proceedings of designated system take precedence over insolvency proceedings)—
(a)in paragraph (5)—
(i)in sub-paragraph (a)(ii) for “one in relation to which an administration order is made” substitute “in administration”, and
(ii)for “section 19(4) of the Insolvency Act 1986, section 40 (or, in Scotland, section 59 and 60(1)(e)) of that Act” substitute “section 40 (or, in Scotland, section 59 and 60(1)(e)) of the Insolvency Act 1986, paragraph 99(3) of Schedule B1 to that Act”, and
(b)in paragraph (6)(a) for “section 19(4) of that Act” substitute “paragraph 99(3) of Schedule B1 to that Act”.
76. In regulation 19 (administration orders &c)—
(a)in paragraph (1)—
(i)after “The following provisions of” insert “Schedule B1 to”,
(ii)for sub-paragraphs (a) and (b) substitute—
“(a)paragraph 43(2) including that provision as applied by paragraph 44; and
(b)paragraphs 70, 71 and 72 of that Schedule.”, and
(iii)for “section 11(2) of that Act” substitute “paragraph 41(2) of that Schedule”, and
(b)after paragraph (2) insert—
“(2A) A reference in paragraph (2) to “an administration order” shall include the appointment of an administrator under paragraph 14 or 22 of Schedule B1 to the Insolvency Act 1986.”.
S.I. 1999/2979.