PART 2Restrictions on partial property transfers

Financial markets7

1

A property transfer order to which this Order applies may not transfer property, rights or liabilities or include provision under the continuity powers to the extent that to do so would have the effect of modifying, modifying the operation of or rendering unenforceable—

a

a market contract;

b

the default rules of a recognised investment exchange or recognised clearing house; or

c

the rules of a recognised investment exchange or recognised clearing house as to the settlement of market contracts not dealt with under its default rules.

2

For the purposes of this article—

  • “default rules” has the meaning given by section 188 of the Companies Act 198919;

  • “market contract” has the meaning given by section 155 of the Companies Act 1989;

  • “recognised clearing house” and “recognised investment exchange” have the meanings given by section 285 of the Financial Services and Markets Act 2000.