Amendments to Part 7 of the Companies Act 19892

1

Part 7 of the Companies Act 1989 (financial markets and insolvency)3 is amended as follows.

2

In section 155A (qualifying collateral arrangements and qualifying property transfers)4, for subsection (4)(aa)5, substitute—

aa

transfers of property made in accordance with Article 4(6) and (7) of the EMIR Level 2 Regulation or Article 4(6) and (7) of the MIFIR Level 2 Regulation;

3

In section 182A (recognised central counterparties: disapplication of provisions on mutual credit and set-off)6—

a

in subsection (1)(a), for “or Article 3(1) of the EMIR Level 2 Regulation” substitute “, Article 3(1) of the EMIR Level 2 Regulation or Article 3(1) of the MIFIR Level 2 Regulation”;

b

in subsection (2)(a), for “Articles 4(2) and (3) of the EMIR Level 2 Regulation” substitute “Article 4(2) of the EMIR Level 2 Regulation or Article 4(2) of the MIFIR Level 2 Regulation”.

4

In section 188(1A)(b) (meaning of “default rules” and related expressions)7, for “Article 4(4) of the EMIR Level 2 Regulation” substitute “Article 4(6) and (7) of the EMIR Level 2 Regulation or Article 4(6) and (7) of the MIFIR Level 2 Regulation”.

5

In section 190(1) (minor definitions)—

a

in the definition of the “EMIR Level 2 Regulation”8, at the end add “as amended by Commission Delegated Regulation (EU) 2017/2155 of 22 September 20179”;

b

after the definition of “member of a clearing house”10 insert—

  • “MIFIR Level 2 Regulation” means Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements11;

6

In section 191 (index of defined expressions), in the table, below the row beginning “member of a clearing house” insert the following row—

MIFIR Level 2 Regulation

Section 190(1)