Companies Act 1989 (c. 40)

Part VII U.K. Financial Markets and Insolvency

Modifications etc. (not altering text)

C1 Pt. VII (ss. 154-191): functions of the Secretary of State transferred (7.6.1992) to the Treasury by S.I. 1992/1315, art. 2(1)(c) (with art. 6)

Pt. VII (ss. 154-191) applied (E.W.S.) (15.8.1995) by S.I. 1995/2049, reg.3; and applied (with modifications) (E.W.S.) (15.8.1995) by S.I. 1995/2049, regs.3,4,5,19, 26; and applied (with modifications) (15.7.1996) by S.I. 1996/1469, regs.3, 4, 5

C2 Pt. VII: power to apply conferred (1.12.2001) by 2000 c. 8, s. 301(1)(a); S.I. 2001/3538, art. 2(1)

Supplementary provisions U.K.

190 Minor definitions. U.K.

(1) In this Part—

“administrative receiver” has the meaning given by section 251 of the Insolvency Act 1986;

• [F1 “the Authority” means the Financial Services Authority;]

  • “charge” means any form of security, including a mortgage and, in Scotland, a heritable security;

  • F2 . . .

  • “interim trustee” and “permanent trustee” have the same meaning as in the Bankruptcy (Scotland) Act 1985;

  • F2 . . .

  • “overseas”, in relation to an investment exchange or clearing house, means having its head office outside the United Kingdom;

• [F3 “recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;]

  • F2 . . .

  • “set-off”, in relation to Scotland, includes compensation;

• [F4 “The Stock Exchange” means the London Stock Exchange Limited;]

  • “UK”, in relation to an investment exchange or clearing house, means having its head office in the United Kingdom.

(2) References in this Part to settlement in relation to a market contract are to the discharge of the rights and liabilities of the parties to the contract, whether by performance, compromise or otherwise.

(3) In this Part the expressions “margin” and “cover for margin” have the same meaning.

F5 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) For the purposes of this Part a person shall be taken to have notice of a matter if he deliberately failed to make enquiries as to that matter in circumstances in which a reasonable and honest person would have done so.

This does not apply for the purposes of a provision requiring “actual notice”.

(6) References in this Part to the law of insolvency include references to every provision made by or under the M1 Insolvency Act 1986 or the M2 Bankruptcy (Scotland) Act 1985; and in relation to a building society references to insolvency law or to any provision of the Insolvency Act 1986 are to that law or provision as modified by the Building Societies Act 1986.

(7) In relation to Scotland, references in this Part—

(a) to sequestration include references to the administration by a judicial factor of the insolvent estate of a deceased person, and

(b) to an interim or permanent trustee include references to a judicial factor on the insolvent estate of a deceased person,

unless the context otherwise requires.

Textual Amendments

F1 Definition of “the Authority” in s. 190(1) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 89(2)

F2 Definitions of “clearing house”, “investment”, “investment exchange” and “recognised” in s. 190(1) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 89(3)

F3 Definitions of “recognised clearing house” and “recognised investment exchange” in s. 190(1) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 89(4)

F4 Definition of “The Stock Exchange” in s. 190(1) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 89(5)

F5 S. 190(4) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 89(6)

Commencement Information

I1 S. 190 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.

Marginal Citations

M1 1986 c. 45.

M2 1985 c. 66.