7. In the Financial Markets and Insolvency (Settlement Finality) Regulations 1999(1), in regulation 2(2), after sub-paragraph (b) insert—
“(2A) For the purposes of these regulations, references to insolvency proceedings do not include crisis prevention measures or crisis management measures taken in relation to an undertaking under the recovery and resolution directive unless—
(a)express provision is made in a contract to which that undertaking is a party that crisis prevention measures or crisis management measures taken in relation to the undertaking are to be treated as insolvency proceedings; and
(b)the substantive obligations provided for in the contract containing that provision (including payment and delivery obligations and provision of collateral) are no longer being performed.
(2B) For the purposes of paragraph (2A)—
(a)“crisis prevention measure” and “crisis management measure” have the meaning given in section 48Z of the Banking Act 2009(2); and
(b)“recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms.”.
S.I. 1999/2979. There are amendments, but none is relevant.
Section 48Z was inserted by S.I. 2014/3329.