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The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 341
- PART 3
- Regulation 12
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The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019, Section 12 is up to date with all changes known to be in force on or before 28 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 12:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
The Financial Collateral Arrangements (No 2) Regulations 2003U.K.
This section has no associated Explanatory Memorandum
12.—(1) The Financial Collateral Arrangements (No 2) Regulations 2003 M1 are amended as follows.
(2) In regulation 3 (interpretation)—
(a)in paragraph (1), omit the definition of “recovery and resolution directive”;
(b)in paragraph (1A)(b), omit “under the recovery and resolution directive”.
(3) In regulation 15A(3) (insolvency proceedings in other jurisdictions) M2, omit the words “or Council Regulation (EC) No 44/2001” to the end of the paragraph.
(4) In regulation 18A(2) (restrictions on enforcement of financial collateral arrangements, etc) M3, for the words “has the meaning given” to the end, substitute “ means an arrangement under which two or more debts, claims or obligations can be set off against each other ”.
(5) In regulation 19 (standard test regarding the applicable law to book entry securities financial collateral arrangements)—
(a)in paragraph (2), after “country” insert “ , or territory, or where appropriate, the law of the part of the country or territory, ”;
(b)in paragraph (3), after “country” insert “ or territory ”.
Commencement Information
I1Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1S.I. 2003/3226. Paragraph (1A) was inserted by S.I. 2014/3348.
M2Regulation 15A was inserted by S.I. 2010/2993.
M3Regulation 18A was inserted by S.I. 2014/3348.
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