[F1182A.Recognised central counterparties: disapplication of provisions on mutual credit and set-offU.K.
(1)Nothing in the law of insolvency shall enable the setting off against each other of—
(a)positions and assets recorded in an account at a recognised central counterparty and held for the account of a client, an indirect client or a group of clients or indirect clients in accordance with Article 39 of the EMIR Level 1 Regulation or Article 3(1) of the EMIR Level 2 Regulation; and
(b)positions and assets recorded in any other account at the recognised central counterparty.
[F2(2)Nothing in the law of insolvency shall enable the setting off against each other of—
(a)positions and assets recorded in an account at a clearing member and held for the account of an indirect client or a group of indirect clients in accordance with Articles 4(2) and (3) of the EMIR Level 2 Regulation; and
(b)positions and assets recorded in any other account at the clearing member.]]
Textual Amendments