The Companies Act 1989 (Financial Markets and Insolvency) (Amendment) Regulations 2017

Amendments to Part 7 of the Companies Act 1989

2.—(1) Part 7 of the Companies Act 1989 (financial markets and insolvency)(1) is amended as follows.

(2) In section 155A (qualifying collateral arrangements and qualifying property transfers)(2), for subsection (4)(aa)(3), substitute—

“(aa) transfers of property made in accordance with Article 4(6) and (7) of the EMIR Level 2 Regulation or Article 4(6) and (7) of the MIFIR Level 2 Regulation;”.

(3) In section 182A (recognised central counterparties: disapplication of provisions on mutual credit and set-off)(4)—

(a) in subsection (1)(a), for “or Article 3(1) of the EMIR Level 2 Regulation” substitute “, Article 3(1) of the EMIR Level 2 Regulation or Article 3(1) of the MIFIR Level 2 Regulation”;

(b) in subsection (2)(a), for “Articles 4(2) and (3) of the EMIR Level 2 Regulation” substitute “Article 4(2) of the EMIR Level 2 Regulation or Article 4(2) of the MIFIR Level 2 Regulation”.

(4) In section 188(1A)(b) (meaning of “default rules” and related expressions)(5), for “Article 4(4) of the EMIR Level 2 Regulation” substitute “Article 4(6) and (7) of the EMIR Level 2 Regulation or Article 4(6) and (7) of the MIFIR Level 2 Regulation”.

(5) In section 190(1) (minor definitions)—

(a) in the definition of the “EMIR Level 2 Regulation”(6), at the end add “as amended by Commission Delegated Regulation (EU) 2017/2155 of 22 September 2017(7)”;

(b) after the definition of “member of a clearing house”(8) insert—

““MIFIR Level 2 Regulation” means Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements(9);”.

(6) In section 191 (index of defined expressions), in the table, below the row beginning “member of a clearing house” insert the following row—

“MIFIR Level 2 Regulation

Section 190(1)”.

(1)

1989 c. 40.

(2)

Section 155A was inserted by S.I. 2013/504.

(3)

Subsection (4)(aa) was inserted by S.I. 2013/1908.

(4)

Section 182A was inserted by S.I. 2013/504 and amended by S.I. 2013/1908.

(5)

Subsection (1A) was inserted by S.I. 2013/1908.

(6)

The definition of “EMIR Level 2 Regulation” was inserted by S.I. 2013/504.

(7)

O.J. 21.11.2017 L 304/13

(8)

The definition of “member of a clearing house” was inserted by S.I. 2013/504.

(9)

O.J. 21.11.2017 L 304/6