- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (03/01/2018)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 03/01/2018.
There are currently no known outstanding effects for the Companies Act 1989, Section 167.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
[F1(1)This section applies where a relevant insolvency event has occurred in the case of—
(a)a recognised investment exchange or a member or designated non-member of a recognised investment exchange,F2...
(b)a recognised clearing house or a member of a recognised clearing house[F3, F4...
[F5(ba)a recognised CSD or a member of a recognised CSD, or]
(c)a client which is providing indirect clearing services to an indirect client.]
[F6The person referred to in paragraphs (a) to (c)] in whose case a relevant insolvency event has occurred is referred to below as “the person in default”.
(1A)For the purposes of this section a “relevant insolvency event” occurs where—
(a)a bankruptcy order is made,
(b)an award of sequestration is made,
(c)an order appointing an interim receiver is made,
(d)an administration or winding up order is made,
(e)an administrator is appointed under paragraph 14 of Schedule B1 to the Insolvency Act 1986 (appointment by holder of qualifying floating charge) or under paragraph 22 of that Schedule (appointment by company or directors),
(f)a resolution for voluntary winding up is passed, or
(g)an order appointing a provisional liquidator is made.
(1B)Where in relation to a person in default [F7a recognised body] (“[F8the responsible recognised body]”)—
(a)has power under its default rules to take action in consequence of the relevant insolvency event or the matters giving rise to it, but
(b)has not done so,
a relevant office-holder appointed in connection with or in consequence of the relevant insolvency event may apply to the [F9appropriate regulator].]
(2)The application shall specify [F10the responsible recognised body] and the grounds on which it is made.
(3)On receipt of the application the [F11appropriate regulator] shall notify [F12the responsible recognised body], and unless within three business days after the day on which the notice is received [F12the responsible recognised body] —
(a)takes action under its default rules, or
(b)notifies the [F11appropriate regulator] that it proposes to do so forthwith,
then, subject as follows, the provisions of sections 158 to 165 above do not apply in relation to market contracts to which [F13the person in default] is a party or to anything done by [F12the responsible recognised body] for the purposes of, or in connection with, the settlement of any such contract.
For this purpose a “business day” means any day which is not a Saturday or Sunday, Christmas Day, Good Friday or a bank holiday in any part of the United Kingdom under the M1Banking and Financial Dealings Act 1971.
(4)The provisions of sections 158 to 165 are not disapplied if before the end of the period mentioned in subsection (3) the [F14appropriate regulator] gives [F15the responsible recognised body] a direction under section 166(2)(a) (direction to take action under default rules).
No such direction may be given after the end of that period.
(5)If [F16the responsible recognised body] notifies the [F17appropriate regulator] that it proposes to take action under its default rules forthwith, it shall do so; and that duty is enforceable, on the application of the [F17appropriate regulator], by injunction or, in Scotland, by an order under section 45 of the M2Court of Session Act 1988.
[F18(6)“The appropriate regulator”—
(a)in relation to a recognised investment exchange, means the FCA, and
(b)in relation to a recognised clearing house or recognised CSD, means the Bank of England.]
Textual Amendments
F1S. 167(1)-(1B) substituted for s. 167(1)(1A) (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(10)(a) (with reg. 1(2)(3))
F2Word in s. 167(1)(a) omitted (26.8.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908), regs. 1(3)(c), 2(7)(a)
F3S. 167(1)(c) and word inserted (26.8.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908), regs. 1(3)(c), 2(7)(b)
F4Word in s. 167(1)(b) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(a)(i) (with regs. 7(4), 9(1))
F5S. 167(1)(ba) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(a)(ii) (with regs. 7(4), 9(1))
F6Words in s. 167(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(a)(iii) (with regs. 7(4), 9(1))
F7Words in s. 167(1B) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(b) (with regs. 7(4), 9(1))
F8Words in s. 167(1B) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(c) (with regs. 7(4), 9(1))
F9Words in s. 167(1B) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 67(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10Words in s. 167(2) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(c) (with regs. 7(4), 9(1))
F11Words in s. 167(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 67(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F12Words in s. 167(3) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(c) (with regs. 7(4), 9(1))
F13Words in s. 167(3) substituted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(10)(c)(ii) (with reg. 1(2)(3))
F14Words in s. 167(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 67(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15Words in s. 167(4) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(c) (with regs. 7(4), 9(1))
F16Words in s. 167(5) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(c) (with regs. 7(4), 9(1))
F17Words in s. 167(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 67(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18S. 167(6) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(14)(d) (with regs. 7(4), 9(1))
Modifications etc. (not altering text)
C1S. 167 applied (with modifications) (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013 (S.I. 2013/442), arts. 1(3), 67(4)
Commencement Information
I1S. 167 wholly in force at 1.10.1991; s. 167 in force for certain purposes at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. and wholly in force at 1.10.1991 see S.I. 1991/2173, art. 2
Marginal Citations
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys