http://www.legislation.gov.uk/uksi/1996/1469/contents/made

The Financial Markets and Insolvency Regulations 1996

Capital and financial markets

King's Printer of Acts of Parliament

2015-03-11

FINANCIAL SERVICES

The Regulations apply with modifications certain provisions of Part VII of the Companies Act 1989 (c. 40) (“Part VII”) to certain charges (and to property subject to those charges) granted in favour of those who undertake assured payment obligations in connection with the settlement of transactions through a relevant system in respect of which an Operator has been approved under the Uncertificated Securities Regulations 1995 (S.I. 1995/3272). The provisions applied are ones which modify the way in which the charges in question are treated in the event of an administration or certain kinds of receivership under the Insolvency Act 1986 (c. 45) and ones which modify the way in which rights of persons other than the chargee may be exercised in relation to property subject to those charges.

The Financial Markets and Insolvency Regulations 1996

specified amended provision(s)

The Proceeds of Crime Act 2002 (Commencement No. 4, Transitional Provisions and Savings) Order 2003

art. 2

Sch.

commencement order for 2002 c. 29

The Financial Markets and Insolvency Regulations 1996

reg. 6 heading

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 62(a)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 6(1A)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 62(b)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 6(2)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 62(c)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 6(5)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 62(d)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 6(5A)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 62(e)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 7 heading

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 63(a)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 7(1A)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 63(b)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 7(2)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 63(c)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 8(1A)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 64(a)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 8(2)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 64(b)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 8(7)

The Enterprise Act 2002 (Insolvency) Order 2003

Sch.

para. 64(c)

art. 6

art. 1(1)

The Financial Markets and Insolvency Regulations 1996

reg. 2(1)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(a)(i)

reg. 1

The Financial Markets and Insolvency Regulations 1996

reg. 2(1)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(a)(ii)

reg. 1

The Financial Markets and Insolvency Regulations 1996

reg. 2(1)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(a)(iii)

reg. 1

The Financial Markets and Insolvency Regulations 1996

reg. 2(1)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(a)(iv)

reg. 1

The Financial Markets and Insolvency Regulations 1996

reg. 2(1)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(a)(v)

reg. 1

The Financial Markets and Insolvency Regulations 1996

reg. 2(2)(a)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(b)

reg. 1

The Financial Markets and Insolvency Regulations 1996

reg. 5(a)(ii)

The Uncertificated Securities Regulations 2001

Sch. 7

para. 20(c)

reg. 1

The Financial Markets and Insolvency Regulations 1996

Regulations

The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023

reg. 4

reg. 1(2)

The Financial Markets and Insolvency Regulations 1996

Regulations

The Investment Bank Special Administration Regulations 2011

Sch. 6

Pt. 1

reg. 27(a)

reg. 1

The Financial Markets and Insolvency Regulations 1996

Regulations

The Payment and Electronic Money Institution Insolvency Regulations 2021

Sch. 3

para. 2

reg. 5

reg. 2

The Financial Markets and Insolvency Regulations 1996

Regulations

The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009

art. 3

Sch.

art. 1

The Financial Markets and Insolvency Regulations 1996

reg. 6(5A)(a)

The Enterprise Act 2002 (Insolvency) Order 2004

art. 3

art. 1

The Financial Markets and Insolvency Regulations 1996

PART IGENERAL

1Citation and commencement

2Interpretation

PART IISYSTEM-CHARGES

3Application of Part VII of the Act in relation to system-charges

4Circumstances in which Part VII applies in relation to system-charge

5Extent to which Part VII applies to a system-charge

6Limitation on disapplication of sections 10(1)(b) and 11(3)(c) of Insolvency Act 1986 in relation to system-charges

7Limitation on disapplication of sections 10(1)(b) and 11(3)(c) of Insolvency Act 1986 in relation to system-charges granted by a system-beneficiary

8Ability of administrator or receiver to recover assets in case of property subject to system-charge

PART IIIMARKET CONTRACTS

9Amendments to section 156 of the Act

1996 No. 1469

FINANCIAL SERVICES

The Financial Markets and Insolvency Regulations 1996

Made5th June 1996

Laid before Parliament6th June 1996

Coming into force15th July 1996

The Treasury and the Secretary of State, in exercise of the powers conferred by sections 185 and 186 of the Companies Act 19891 and of all other powers enabling them in that behalf, hereby make the following Regulations: