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[F1Recognised bodies]U.K.

Textual Amendments

155 Market contracts.U.K.

[F2(1)In this Part—

(a)“clearing member client contract” means a contract between a recognised central counterparty and one or more of the parties mentioned in subsection (1A) which is recorded in the accounts of the recognised central counterparty as a position held for the account of a client, an indirect client or a group of clients or indirect clients;

(b)“clearing member house contract” means a contract between a recognised central counterparty and a clearing member recorded in the accounts of the recognised central counterparty as a position held for the account of a clearing member;

(c)“client trade” means a contract between two or more of the parties mentioned in subsection (1A) which corresponds to a clearing member client contract;

(d)“market contracts” means the contracts to which this Part applies by virtue of subsections (2) to [F3(3ZA)].]

[F4(1A)The parties referred to in subsections (1)(a) and (c) are—

(a)a clearing member;

(b)a client; and

(c)an indirect client.]

[F5(2)Except as provided in subsection (2A), in relation to a recognised investment exchange this Part applies to—

(a)contracts entered into by a member or designated non-member of the exchange [F6with a person other than the exchange]which are either

(i)contracts made on the exchange or on an exchange to whose undertaking the exchange has succeeded whether by amalgamation, merger or otherwise; or

(ii)contracts in the making of which the member or designated non-member was subject to the rules of the exchange or of an exchange to whose undertaking the exchange has succeeded whether by amalgama- tion, merger or otherwise; F7...

[F8(b)contracts entered into by the exchange, in its capacity as such, with a member of the exchange or with a recognised clearing house [F9or with a recognised CSD] or with another recognised investment exchange for the purpose of enabling the rights and liabilities of that member [F10or recognised body] under a transaction to be settled; and

(c)contracts entered into by the exchange with a member of the exchange or with a recognised clearing house [F9or with a recognised CSD] or with another recognised investment exchange for the purpose of providing central counterparty clearing services to that member [F10or recognised body].]

A “designated non-member” means a person in respect of whom action may be taken under the default rules of the exchange but who is not a member of the exchange.

[F11(2A)Where the exchange in question is a recognised overseas investment exchange, this Part does not apply to a contract that falls within paragraph (a) of subsection (2) (unless it also falls within subsection (3)).]]

[F12(2B)In relation to transactions which are cleared through a recognised central counterparty, this Part applies to—

(a)clearing member house contracts;

(b)clearing member client contracts;

(c)client trades, other than client trades excluded by subsection (2C) [F13or (2D)]; and

(d)contracts entered into by the recognised central counterparty with a recognised investment exchange [F14or with a recognised CSD] or a recognised clearing house for the purpose of providing central counterparty clearing services to [F15that recognised body].

(2C)A client trade is excluded by this subsection from subsection (2B)(c) if—

(a)the clearing member which is a party to the clearing member client contract corresponding to the client trade defaults; and

(b)the clearing member client contract is not transferred to another clearing member within the period specified for this purpose in the default rules of the recognised central counterparty.]

[F16(2D)A client trade is also excluded by this subsection from subsection (2B)(c) if—

(a)the client trade was entered into by a client in the course of providing indirect clearing services to an indirect client;

(b)the client defaults; and

(c)the clearing member client contract corresponding to the client trade is not transferred within—

(i)the period specified for this purpose in the default rules of the recognised central counterparty; or

(ii)if no such period is specified in the default rules of the recognised central counterparty, a period of 14 days beginning with the day on which proceedings in respect of the client’s insolvency are begun.]

[F17(3)In relation to a recognised clearing house [F18which is not a recognised central counterparty,] this Part applies to—

(a)contracts entered into by the clearing house, in its capacity as such, with a member of the clearing house or with a recognised investment exchange [F19or with a recognised CSD] or with another recognised clearing house for the purpose of enabling the rights and liabilities of that member [F20or recognised body] under a transaction to be settled; and

(b)contracts entered into by the clearing house with a member of the clearing house or with a recognised investment exchange [F21or with a recognised CSD] or with another recognised clearing house for the purpose of providing central counterparty clearing services to that member [F22or recognised body].]

[F23(3ZA)In relation to a recognised CSD, this Part applies to contracts entered into by the central securities depository with a member of the central securities depository or with a recognised investment exchange or with a recognised clearing house or with another recognised CSD for the purpose of providing authorised central securities depository services to that member or recognised body.]

[F24(3A)In this section “central counterparty clearing services” means—

(a)the services provided by a recognised investment exchange or a recognised clearing house to the parties to a transaction in connection with contracts between each of the parties and the investment exchange or clearing house (in place of, or as an alternative to, a contract directly between the parties),

(b)the services provided by a recognised clearing house to [F25a recognised body] in connection with contracts between them, or

(c)the services provided by a recognised investment exchange to [F26a recognised body] in connection with contracts between them.]

[F27(3B)The reference in subsection (2D)(c)(ii) to the beginning of insolvency proceedings is to—

(a)[F28the making of a bankruptcy application or] the presentation of a bankruptcy petition or a petition for sequestration of a client’s estate, or

(b)the application for an administration order or the presentation of a winding-up petition or the passing of a resolution for voluntary winding up, or

(c)the appointment of an administrative receiver.

(3C)In subsection (3B)(b) the reference to an application for an administration order is to be taken to include a reference to—

(a)in a case where an administrator is appointed under paragraph 14 or 22 of Schedule B1 to the Insolvency Act 1986 (appointment by floating charge holder, company or directors) following filing with the court of a copy of a notice of intention to appoint under that paragraph, the filing of the copy of the notice, and

(b)in a case where an administrator is appointed under either of those paragraphs without a copy of a notice of intention to appoint having been filed with the court, the appointment of the administrator.]

[F29(3D)In this Part “authorised central securities depository services” means, in relation to a recognised CSD—

(a)the core services listed in Section A of the Annex to the CSD regulation which that central securities depository is authorised to provide pursuant to Article 16 or 19(1)(a) or (c) of the CSD regulation;

(b)the non-banking-type ancillary services listed in or permitted under Section B of that Annex which that central securities depository is authorised to provide, including services notified under Article 19 of the CSD regulation; and

(c)the banking-type ancillary services listed in or permitted under Section C of that Annex which that central securities depository is authorised to provide pursuant to Article 54(2)(a) of the CSD regulation.]

(4)The Secretary of State may by regulations make further provision as to the contracts to be treated as “market contracts”, for the purposes of this Part, in relation to [F30a recognised body].

(5)The regulations may add to, amend or repeal the provisions of subsections [F31(2), (3), (3ZA) and (3D)] above.

Textual Amendments

F5S. 155(2)(2A) substituted for s. 155(2) by S.I. 1991/880, reg. 3

F6Words in s. 155(2)(a) inserted (11.8.1998) by S.I. 1998/1748, reg. 3(a)

F8S. 155(2)(b)(c) substituted for s. 155(2)(b) (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(3)(a)

Commencement Information

I1S. 155 wholly in force at 25.4.1991. See s. 215 and S.I. 1991/488, art. 2(2); 1991/878, art. 2, Sch.

[F32155A.Qualifying collateral arrangements and qualifying property transfersU.K.

(1)In this Part—

(a)“qualifying collateral arrangements” means the contracts and contractual obligations to which this Part applies by virtue of subsection (2); and

(b)“qualifying property transfers” means the property transfers to which this Part applies by virtue of subsection (4).

(2)In relation to transactions which are cleared through a recognised central counterparty, this Part applies to any contracts or contractual obligations for, or arising out of, the provision of property as margin where—

(a)the margin is provided to a recognised central counterparty and is recorded in the accounts of the recognised central counterparty as an asset held for the account of a client, an indirect client, or a group of clients or indirect clients; or

(b)the margin is provided to a client or clearing member for the purpose of providing cover for exposures arising out of present or future client trades.

(3)In subsection (2)—

(a)“property” has the meaning given by section 436(1) of the Insolvency Act 1986 and

(b)the reference to a contract or contractual obligation for, or arising out of, the provision of property as margin in circumstances falling within paragraph (a) or (b) of that subsection includes a reference to a contract or contractual obligation of that kind which has been amended to reflect the transfer of a clearing member client contract or client trade.

(4)In relation to transactions which are cleared through a recognised central counterparty, this Part applies to—

(a)transfers of property made in accordance with Article 48(7) of the EMIR Level 1 Regulation;

[F33(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;]

(b)transfers of property to the extent that they—

(i)are made by a recognised central counterparty to a non-defaulting clearing member instead of, or in place of, a defaulting clearing member;

(ii)represent the termination or close out value of a clearing member client contract which is transferred from a defaulting clearing member to a non-defaulting clearing member; and

(iii)are determined in accordance with the default rules of the recognised central counterparty.]

[F34(c)transfers of property to the extent that they—

(i)are made by a clearing member to a non-defaulting client or another clearing member instead of, or in place of, a defaulting client;

(ii)represent the termination or close out value of a client trade which is transferred from a defaulting client to another clearing member or a non-defaulting client; and

(iii)do not exceed the termination or close out value of the clearing member client contract corresponding to that client trade, as determined in accordance with the default rules of the recognised central counterparty.]

Textual Amendments

F35156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F35S. 156 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 75(e)

157

(1)[F36A recognised body] shall give the [F37appropriate regulator] at least [F38three months] notice of any proposal to amend, revoke or add to its default rules; and the [F39regulator] may within [F38three months] from receipt of the notice direct [F40the recognised body] not to proceed with the proposal, in whole or in part.

[F41(1A)The appropriate regulator may, if it considers it appropriate to do so, agree a shorter period of notice and, in a case where it does so, any direction under this section must be given by it within that shorter period.]

(2)A direction under this section may be varied or revoked.

(3)Any amendment or revocation of, or addition to, the default rules of [F42a recognised body] in breach of a direction under this section is ineffective.

[F43(4)The appropriate regulator”—

(a)in relation to a recognised UK investment exchange, means the FCA, and

(b)in relation to a [F44recognised clearing house] [F45or a recognised CSD], means the Bank of England.]

Textual Amendments

Commencement Information

I2S. 157 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. (subject to savings in art. 3(1))

158 Modifications of the law of insolvency.E+W+S

[F46(1)The general law of insolvency has effect in relation to—

(a)market contracts,

(b)action taken under the rules of [F47a recognised body other than a recognised central counterparty], with respect to market contracts,

(c)action taken under the rules of a recognised central counterparty to transfer clearing member client contracts, or settle clearing member client contracts or clearing member house contracts, in accordance with the default rules of the recognised central counterparty,

(d)where clearing member client contracts transferred in accordance with the default rules of a recognised central counterparty were entered into by the clearing member [F48or client] as a principal, action taken to transfer F49... client trades, or groups of client trades, corresponding to those clearing member client contracts,

(e)action taken to transfer qualifying collateral arrangements in conjunction with a transfer of clearing member client contracts as mentioned in paragraph (c) or a transfer of client trades as mentioned in paragraph (d), and

(f)qualifying property transfers,

subject to the provisions of sections 159 to 165.]

(2)So far as those provisions relate to insolvency proceedings in respect of a person other than a defaulter, they apply in relation to—

[F50(a)proceedings in respect of a recognised investment exchange or a member or designated non-member of a recognised investment exchange,

(aa)proceedings in respect of a recognised clearing house or a member of a recognised clearing house, F51...]

[F52(ab)proceedings in respect of a recognised CSD or a member of a recognised CSD, and]

(b)proceedings in respect of a party to a market contract [F53other than a client trade which are] begun after [F54a recognised body] has taken action under its default rules in relation to a person party to the contract as principal,

but not in relation to any other insolvency proceedings, notwithstanding that rights or liabilities arising from market contracts fall to be dealt with in the proceedings.

(3)The reference in subsection (2)(b) to the beginning of insolvency proceedings is to—

(a)[F55the making of a bankruptcy application or] the presentation of a bankruptcy petition or a petition for sequestration of a person’s estate, or

[F56(b)the application for an administration order or the presentation of a winding-up petition or the passing of a resolution for voluntary winding up,]

(c)the appointment of an administrative receiver.

[F57(3A)In subsection (3)(b) the reference to an application for an administration order shall be taken to include a reference to—

(a)in a case where an administrator is appointed under paragraph 14 or 22 of Schedule B1 to the Insolvency Act 1986 (appointment by floating charge holder, company or directors) following filing with the court of a copy of a notice of intention to appoint under that paragraph, the filing of the copy of the notice, and

(b)in a case where an administrator is appointed under either of those paragraphs without a copy of a notice of intention to appoint having been filed with the court, the appointment of the administrator.]

(4)The Secretary of State may make further provision by regulations modifying the law of insolvency in relation to the matters mentioned in [F58paragraphs (a) to (d) of] subsection (1).

(5)The regulations may add to, amend or repeal the provisions mentioned in subsection (1), and any other provision of this Part as it applies for the purposes of those provisions, or provide that those provisions have effect subject to such additions, exceptions or adaptations as are specified in the regulations.

Textual Amendments

F50S. 158(2)(a)(aa) substituted for s. 158(2)(a) (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(4)(a) (with reg. 1(2)(3))

F56S. 158(3)(b) substituted (15.9.2003) by 2002 c. 40, ss. 248, 279, Sch. 17 para. 44(a) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to transitional provisions in arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

F57S. 158(3A) inserted (15.9.2003) by 2002 c. 40, ss. 248, 279, Sch. 17 para. 44(b) (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to transitional provisions in arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

Modifications etc. (not altering text)

C1S. 158(4)(5): certain functions made exercisable jointly by the Secretary of State and the Treasury (7.6.1992) by S.I. 1992/1315, art. 4, Sch. 2 para. 7 (with art. 6)

Commencement Information

I3S. 158 wholly in force; s. 158(4)(5) in force for certain purposes at 25.3.1991 and wholly in force at 25.4.1991 see s. 215(2) and S.I. 1991/488, art. 2(2); 1991/878, art. 2, Sch.

159[F59Proceedings of recognised bodies take precedence over insolvency procedures].E+W+S

(1)None of the following shall be regarded as to any extent invalid at law on the ground of inconsistency with the law relating to the distribution of the assets of a person on bankruptcy, winding up or sequestration, or [F60in the administration of a company or other body or] in the administration of an insolvent estate—

(a)a market contract,

(b)the default rules of [F61a recognised body],

(c)the rules of [F62a recognised body other than a recognised central counterparty] as to the settlement of market contracts not dealt with [F63under its default rules,]

[F64(d)the rules of a recognised central counterparty on which the recognised central counterparty relies to give effect to the transfer of a clearing member client contract, or the settlement of a clearing member client contract or clearing member house contract, in accordance with its default rules,

(e)a transfer of a clearing member client contract, or the settlement of a clearing member client contract or a clearing member house contract, in accordance with the default rules of a recognised central counterparty,

(f)where a clearing member client contract transferred in accordance with the default rules of a recognised central counterparty was entered into by the clearing member [F65or client] as principal, a transfer of [F66a client trade] or group of client trades corresponding to that clearing member client contract,

(g)a transfer of a qualifying collateral arrangement in conjunction with the transfer of clearing member client contract as mentioned in paragraph (e) or of a client trade as mentioned in paragraph (f), or

(h)a qualifying property transfer.]

(2)The powers of a relevant office-holder in his capacity as such, and the powers of the court under the M1Insolvency Act 1986[F67, the Bankruptcy (Scotland) Act [F682016], Part 10 of the Building Societies Act 1986, Parts 2 and 3 of the Banking Act 2009 or under regulations made under section 233 of that Act,] shall not be exercised in such a way as to prevent or interfere with—

(a)the settlement in accordance with the rules of [F69a recognised body other than a recognised central counterparty] of a market contract not dealt with under its default rules, F70...

(b)any action taken under the default rules of [F71a recognised body other than a recognised central counterparty],

[F72(c)the transfer of a clearing member client contract, or the settlement of a clearing member client contract or a clearing member house contract, in accordance with the default rules of a recognised central counterparty,

(d)where a clearing member client contract transferred in accordance with the default rules of a recognised central counterparty was entered into by the clearing member [F73or client] as principal, the transfer of [F74a client trade] or group of client trades corresponding to that clearing member contract,

(e)the transfer of a qualifying collateral arrangement in conjunction with a transfer of a clearing member client contract as mentioned in paragraph (c), or a transfer of a client trade as mentioned in paragraph (d),

(f)any action taken to give effect to any of the matters mentioned in paragraphs (c) to (e), or

(g)any action taken to give effect to a qualifying property transfer.]

This does not prevent a relevant office-holder from afterwards seeking to recover any amount under section 163(4) or 164(4) or prevent the court from afterwards making any such order or decree as is mentioned in section 165(1) or (2) (but subject to subsections (3) and (4) of that section).

(3)Nothing in the following provisions of this Part shall be construed as affecting the generality of the above provisions.

(4)A debt or other liability arising out of a market contract which is the subject of default proceedings may not be proved in a winding up or bankruptcy [F75or in the administration of a company or other body], or in Scotland claimed in a winding up or sequestration [F75or in the administration of a company or other body], until the completion of the default proceedings.

A debt or other liability which by virtue of this subsection may not be proved or claimed shall not be taken into account for the purposes of any set-off until the completion of the default proceedings.

F76[(4A)However, prior to the completion of default proceedings—

(a)where it appears [F77to the convener] that a sum will be certified under section 162(1) to be payable, subsection (4) shall not prevent any proof or claim including or consisting of an estimate of that sum which has been lodged or, in Scotland, submitted, from being admitted or, in Scotland, accepted, for the purpose only of determining the entitlement of a creditor to vote [F78in a decision procedure]; and

(b)a creditor whose claim or proof has been lodged and admitted or, in Scotland, submitted and accepted, for the purpose of determining the entitlement of a creditor to vote [F79in a decision procedure] and which has not been subsequently wholly withdrawn, disallowed or rejected, is eligible as a creditor to be a member of a liquidation committee or, in bankruptcy proceedings in England and Wales, [F80or in the administration of a company or other body] a creditors’ committee.]

(5)For the purposes of [F81subsections (4) and (4A)] the default proceedings shall be taken to be completed in relation to a person when a report is made under section 162 stating the sum (if any) certified to be due to or from him.

Textual Amendments

F76S. 159 (4A) inserted by S.I. 1991/880, reg. 4(2)

F81Words in s. 159(5) substituted by S.I. 1991/880, reg. 4(3)

Commencement Information

I4S. 159 wholly in force at 25.4.1991 see s. 215(2) and S.I. 1991/878, art. 2, Sch.

Marginal Citations

160

(1)It is the duty of—

(a)any person who has or had control of any assets of a defaulter, and

(b)any person who has or had control of any documents of or relating to a defaulter,

to give [F82a recognised body] such assistance as it may reasonably require for the purposes of its default proceedings.

This applies notwithstanding any duty of that person under the enactments relating to insolvency.

(2)A person shall not under this section be required to provide any information or produce any document which he would be entitled to refuse to provide or produce on grounds of legal professional priviledge in proceedings in the High Court or on grounds of confidentiality as between client and professional legal adviser in proceedings in the Court of Session.

(3)Where original documents are supplied in pursuance of this section, [F83the recognised body] shall return them forthwith after the completion of the relevant default proceedings, and shall in the meantime allow reasonable access to them to the person by whom they were supplied and to any person who would be entitled to have access to them if they were still in the control of the person by whom they were supplied.

(4)The expenses of a relevant office-holder in giving assistance under this section are recoverable as part of the expenses incurred by him in the discharge of his duties; and he shall not be required under this section to take any action which involves expenses which cannot be so recovered, unless [F84the recognised body] undertakes to meet them.

There shall be treated as expenses of his such reasonable sums as he may determine in respect of time spent in giving the assistance [F85and for the purpose of determining the priority in which his expenses are payable out of the assets, sums in respect of time spent shall be treated as his remuneration and other sums shall be treated as his disbursements or, in Scotland, outlays.]

(5)The Secretary of State may by regulations make further provision as to the duties of persons to give assistance to [F86a recognised body] for the purposes of its default proceedings, and the duties of [F87the recognised body] with respect to information supplied to it.

The regulations may add to, amend or repeal the provisions of subsections (1) to (4) above.

(6)In this section “document” includes information recorded in any form.

Textual Amendments

F85Words in s. 160(4) added by S.I. 1991/880, Pt. III reg. 5

Modifications etc. (not altering text)

C2S. 160(5): (7.6.1992) certain functions made exercisable jointly by the Secretary of State and the Treasury by S.I. 1992/1315, art. 4, Sch. 2 para.7 (with art. 6).

Commencement Information

I5S. 160 wholly in force at 1.10.1991; s. 160(5) in force for certain purposes at 25.3.1991 see 215(2) and S.I. 1991/488, art. 2(2), s. 160 in force at 25.4.1991 with specified exceptions see S.I. 1991/878, art. 2, Sch. (subject to savings in art. 3(2)), s. 160 wholly in force at 1.10.1991 see S.I. 1991/2173, art. 2

161 Supplementary provisions as to default proceedings.E+W+S

(1)If the court is satisfied on an application by a relevant office-holder that a party to a market contract with a defaulter intends to dissipate or apply his assets so as to prevent the office-holder recovering such sums as may become due upon the completion of the default proceedings, the court may grant such interlocutory relief (in Scotland, such interim order) as it thinks fit.

(2)A liquidator[F88, administrator] or trustee of a defaulter or, in Scotland, a [F89trustee in the sequestration of the] estate of the defaulter shall not—

(a)declare or pay any dividend to the creditors, or

(b)return any capital to contributories,

unless he has retained what he reasonably considers to be an adequate reserve in respect of any claims arising as a result of the default proceedings of [F90the recognised body] concerned.

(3)The court may on an application by a relevant office-holder make such order as it thinks fit altering or dispensing from compliance with such of the duties of his office as are affected by the fact that default proceedings are pending or could be taken, or have been or could have been taken.

(4)Nothing in [F91section 126, 128, 130, 185 or 285 of, or paragraph [F9240, 41,] 42 or 43 ([F93including those paragraphs as applied by paragraph 44]) of Schedule B1 to, the Insolvency Act 1986] (which restrict the taking of certain legal proceedings and other steps), and nothing in any rule of law in Scotland to the like effect as the said section 285, in the Bankruptcy (Scotland) Act M2 [F942016] or in the Debtors (Scotland) Act M3 as to the effect of sequestration, shall affect any action taken by [F95a recognised body] for the purpose of its default proceedings.

Textual Amendments

F91Words in s. 161(4) substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248, 279, Sch. 17 para. 45 (with savings in s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to transitional provisions in arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

Modifications etc. (not altering text)

C3S. 161 amended by S.I. 1991/880, reg. 19(1)

C4S. 161(4) (as it has effect by virtue of Enterprise Act 2002 (c. 40), s. 249(1)) modified (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(6)(c) (with reg. 1(2)(3))

Commencement Information

I6S. 161 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.

Marginal Citations

162 Duty to report on completion of default procedings.U.K.

(1)F96Subject to subsection (1A), [F97a recognised body] shall, on the completion of proceedings under its default rules, report to the [F98appropriate regulator] on its proceedings stating in respect of each creditor or debtor the sum [F99or sums] certified by them to be payable from or to the defaulter or, as the case may be, the fact that no sum is payable.

F100(1A)A recognised overseas investment exchange or recognised overseas clearing house shall not be subject to the obligation under subsection (1) unless it has been notified by the [F101appropriate regulator] that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.

[F102(1B)The report under subsection (1) need not deal with a clearing member client contract which has been transferred in accordance with the default rules of a recognised central counterparty.]

(2)[F103The recognised body] may make a single report or may make reports from time to time as proceedings are completed with respect to the transactions affecting particular persons.

(3)[F104The recognised body] shall apply a copy of every report under this section to the defaulter and to any relevant office-holder acting in relation to him or to his estate.

(4)When a report under this section is received by the [F105[F106appropriate regulator], it] shall publish notice of that fact in such manner as [F107it] thinks appropriate for bringing [F108the report] to the attention of creditors and debtors of the defaulter.

(5)[F109A recognised body] shall make available for inspection by a creditor or debtor of the defaulter so much of any report by it under this section as relates to the sum (if any) certified to be due or from him or to the method by which that sum was determined.

(6)Any such person may require [F110the recognised body], on payment of such reasonable fee as [F110the recognised body] may determine, to provide him with a copy of any part of a report which he is entitled to inspect.

[F111(7)“The appropriate regulator”—

(a)in relation to a recognised investment exchange or a recognised overseas investment exchange, means the FCA, and

(b)in relation to a [F112recognised CSD, a] recognised clearing house or a recognised overseas clearing house, means the Bank of England.]

Textual Amendments

F96Words in s. 162(1) inserted by S.I. 1991/880, reg. 6(2)

F100S. 162(1A) inserted by S.I. 1991/880, reg. 6(3)

F105Words in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(a)

F107Word in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(b)

F108Words in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(c)

Modifications etc. (not altering text)

C5S. 162 applied (with modifications) (E.W.S.) (11.12.1999) by S.I. 1999/2979, reg. 15(1)

Commencement Information

I7S. 162 wholly in force at 1.10.1991; s. 162 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. 215 and S.I. 1991/2173, art. 2

163 Net sum payable on completion of default proceedings.E+W+S

[F113(1)The following provisions apply with respect to a net sum certified by [F114a recognised body] under its default rules to be payable by or to a defaulter.]

(2)If, in England and Wales, a bankruptcy[F115, winding-up or administration order has been made], or a resolution for voluntary winding-up has been passed, the debt—

(a)is provable in the bankruptcy[F116, winding up or administration] or, as the case may be, is payable to the relevant office-holder, and

(b)shall be taken into account, where appropriate, under section 323 of the Insolvency Act M41986 (mutual dealings and set-off) or the corresponding provision applicable in the case of winding up [F117or administration],

in the same way as a debt before the commencement of the bankruptcy, the date on which the body corporate goes into liquidation (within the meaning of section 247 of the Insolvency Act 1986)[F118, or enters administration] or, in the case of a partnership, the date of the winding-up order [F119or the date on which the partnership enters administration].

(3)If, in Scotland, an award of sequestration or a winding-up [F120or administration] order has been made, or a resolution for voluntary winding up has been passed, the debt—

(a)may be claimed in the sequestration[F121, winding up or administration] or, as the case may be, is payable to the relevant office-holder, and

(b)shall be taken into account for the purposes of any rule of law relating to set-off applicable in sequestration[F122, winding up or administration],

in the same way as a debt due before the date of sequestration (within the meaning of section [F12322(7) of the Bankruptcy (Scotland) Act 2016] ) or the commencement of the winding up (within the meaning of section 129 of the Insolvency Act 1986) [F124or the date on which the body corporate enters administration].

[F125(3A)In subsections (2) and (3), a reference to the making of an administration order shall be taken to include a reference to the appointment of an administrator under—

(a)paragraph 14 of Schedule B1 to the Insolvency Act 1986 (appointment by holder of qualifying floating charge); or

(b)paragraph 22 of that Schedule (appointment by company or directors).]

(4)However, where (or to the extent that) a sum is taken into account by virtue of subsection (2)(b) or (3)(b) which arises from a contract entered into at a time when the creditor had notice—

(a)that [F126a bankruptcy application or] a bankruptcy petition or, in Scotland, a petition for sequestration was pending, F127...

(b)that [F128a statement as to the affairs of the company had been made out and sent under section 99] of the Insolvency Act M51986 or that a winding-up petition was pending, [F129or]

[F130(c)that an application for an administration order was pending or that any person had given notice of intention to appoint an administrator,]

the value of any profit to him arising from the sum being so taken into account (or being so taken into account to that extent) is recoverable from him by the relevant office-holder unless the court directs otherwise.

(5)Subsection (4) does not apply in relation to a sum arising from a contract effected under the default rules of [F131a recognised body].

(6)Any sum recoverable by virtue of subsection (4) ranks for priority, in the event of the insolvency of the person from whom it is due, immediately before preferential or, in Scotland, preferred debts.

Textual Amendments

Modifications etc. (not altering text)

C6S. 163 amended by S.I. 1991/880, reg. 19(1)

S. 163 applied (with modifications) (11.12.1999) by S.I. 1999/2979, reg. 15(1)

C7S. 163(4)-(6) excluded in part (11.12.1999) by S.I. 1999/2979, reg. 21(2)(a)

Commencement Information

I8S. 163 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.

Marginal Citations

164 Disclaimer of property, rescission of contracts, &c.E+W+S

(1)Sections 178, 186, 315 and 345 of the Insolvency Act 1986 (power to disclaim onerous property and court’s power to order rescission of contracts, &c.) do not apply in relation to—

(a)a market contract, F132...

[F133(aa)a qualifying collateral arrangement,

(ab)a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement, as mentioned in paragraphs (c) to (e) of section 158(1),

(ac)a qualifying property transfer, or]

(b)a contract effected by [F134the recognised body] for the purpose of realising property provided as margin in relation to market contracts [F135or as default fund contribution].

In the application of this subsection in Scotland, the reference to sections 178, 315 and 345 shall be construed as a reference to any rule of law having the like effect as those sections.

(2)In Scotland, a [F136trustee in the sequestration of the] estate of a defaulter or a liquidator is bound by any market contract to which that defaulter is a party and by any contract as is mentioned in subsection (1)(b) above notwithstanding section [F137110 of the Bankruptcy (Scotland) Act 2016] or any rule of law to the like effect applying in liquidations.

(3)Sections 127 and 284 of the Insolvency Act 1986 (avoidance of property dispositions effected after commencement of winding up [F138, submission of bankruptcy application or] or presentation of bankruptcy petition), and section [F13987(4) of the Bankruptcy (Scotland) Act 2016] (effect of dealing with debtor relating to estate vested in F140... trustee), do not apply to—

(a)a market contract, or any disposition of property in pursuance of such a contract,

(b)the provision of margin in relation to market contracts,

[F141(ba)the provision of default fund contribution to [F142the recognised body],]

[F143(bb)a qualifying collateral arrangement,

(bc)a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement, as mentioned in paragraphs (c) to (e) of section 158(1),

(bd)a qualifying property transfer]

(c)a contract effected by [F142the recognised body] for the purpose of realising property provided as margin in relation to a market contract [F144or as default fund contribution], or any disposition of property in pursuance of such a contract, or

(d)any disposition of property in accordance with the rules of [F142the recognised body] as to the application of property provided as margin [F145or as default fund contribution].

(4)However, where—

(a)a market contract is entered into by a person who has notice that [F146a bankruptcy application has been submitted or] a petition has been presented for the winding up or bankruptcy or sequestration of the estate of the other party to the contract, or

(b)margin in relation to a market contract [F147or default fund contribution] is accepted by a person who has notice that [F148such an application has been made or petition presented] in relation to the person by whom or on whose behalf the margin [F149or default fund contribution] is provided,

the value of any profit to him arising from the contract or, as the case may be, the amount or value of the margin [F149or default fund contribution] is recoverable from him by the relevant office-holder unless the court directs otherwise.

[F150(5)Subsection (4)(a) does not apply where the person entering into the contract is [F151a recognised body] acting in accordance with its rules, or where the contract is effected under the default rules of such [F152a recognised body]; but subsection (4)(b) applies in relation to the provision of—

(a)margin in relation to any such contract, unless the contract has been transferred in accordance with the default rules of the central counterparty, or

(b)default fund contribution.]

(6)Any sum recoverable by virtue of subsection (4) ranks for priority, in the event of the insolvency of the person from whom it is due, immediately before preferential or, in Scotland, preferred debts.

Textual Amendments

Modifications etc. (not altering text)

C8S. 164 amended by S.I. 1991/880, reg. 19(1)

C9S. 164(4)-(6) excluded in part (11.12.1999) by S.I. 1999/2979, reg. 21(2)(b)

Commencement Information

I9S. 164 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.

165 Adjustment of prior transactions.E+W+S

(1)No order shall be made in relation to a transaction to which this section applies under—

(a)section 238 or 339 of the Insolvency Act 1986 (transactions at an under-value),

(b)section 239 or 340 of that Act (preferences), or

(c)section 423 of that Act (transactions defrauding creditors).

(2)As respects Scotland, no decree shall be granted in relation to any such transaction—

(a)under section [F15398 or 99 of the Bankruptcy (Scotland) Act 2016] or section 242 or 243 of the Insolvency Act 1986 (gratuitous alienations and unfair preferences), or

(b)at common law on grounds of gratuitous alienations or fraudulent preferences.

(3)This section applies to—

(a)a market contract to which a [F154recognised body] is a party or which is entered into under its default rules, F155...

[F156(ab)a market contract to which this Part applies by virtue of section 155(2B), and

(b)a disposition of property in pursuance of a market contract referred to in paragraph (a) or (ab).]

(4)Where margin is provided in relation to a market contract and (by virtue of subsection (3)(a)[F157, (3)(ab)] or otherwise) no such order or decree as is mentioned in subsection (1) or (2) has been, or could be, made in relation to that contract, this section applies to—

(a)the provision of the margin,

[F158(ab)a qualifying collateral arrangement,]

(b)any contract effected by [F159the recognised body] in question for the purpose of realising the property provided as margin, and

(c)any disposition of property in accordance with the rules of [F160the recognised body] [F161in question] as to the application of property provided as margin.

[F162(5)This section also applies to—

(a)the provision of default fund contribution to a [F163recognised body],

(b)any contract effected by a [F164recognised body] for the purpose of realising the property provided as default fund contribution, F165...

(c)any disposition of property in accordance with the rules of the [F166recognised body] as to the application of property provided as default fund [F167contribution,]

[F168(d)a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement as mentioned in paragraphs (c) to (e) of section 158(1), and

(e)a qualifying property transfer.]]

Textual Amendments

Commencement Information

I10S. 165 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.

166 Powers F169... to give directions.U.K.

(1)The powers conferred by this section are exercisable in relation to a recognised UK investment exchange or [F170recognised clearing house] [F171or recognised CSD].

(2)Where in any case [F172a recognised body] has not taken action under its default rules—

(a)if it appears to the [F173appropriate regulator] that it could take action, [F174the [F175regulator]] may direct it to do so, and

(b)if it appears to the [F176appropriate regulator] that it is proposing to take or may take action, [F174the [F177regulator]] may direct it not to do so.

(3)Before giving such a direction the [F178appropriate regulator] shall consult the [F179recognised body] in question; and [F180it] shall not give a direction unless [F180it] is satisfied, in the light of that consultation—

(a)in the case of a direction to take action, that failure to take action would involve undue risk to investors or other participants in the market, F181...

(b)in the case of a direction not to take action, that the taking of action would be premature or otherwise undesirable in the interests of investors or other participants in the market,

[F182(c)in either case, that the direction is necessary having regard to the public interest in the stability of the financial system of the United Kingdom, or

(d)in either case, that the direction is necessary—

(i)to facilitate a proposed or possible use of a power under Part 1 of the Banking Act 2009 (special resolution regime) [F183or Schedule 11 to the Financial Services and Markets Act 2023 (central counterparties)], or

(ii)in connection with a particular exercise of a power under that Part [F184or that Schedule].]

[F185(3A)The appropriate regulator may give a direction to a relevant office-holder appointed in respect of a defaulting clearing member to take any action, or refrain from taking any action, if the direction is given for the purposes of facilitating—

(a)the transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement, or

(b)a qualifying property transfer.

(3B)The relevant office-holder to whom a direction is given under subsection (3A)—

(a)must comply with the direction notwithstanding any duty on the relevant office-holder under any enactment relating to insolvency, but

(b)is not required to comply with the direction given if the value of the clearing member’s estate is unlikely to be sufficient to meet the office-holder’s reasonable expenses of complying.

(3C)The expenses of the relevant office-holder in complying with a direction of the regulator under subsection (3A) are recoverable as part of the expenses incurred in the discharge of the office-holder’s duties.]

(4)A direction shall specify the grounds on which it is given.

(5)A direction not to take action may be expressed to have effect until the giving of a further direction (which may be a direction to take action or simply revoking the earlier direction).

(6)No direction shall be given not to take action if, in relation to the person in question—

(a)a bankruptcy order or an award of sequestration of his estate has been made, or an interim receiver or interim trustee has been appointed, or

(b)a winding up order has been made, a resolution for voluntary winding up has been passed or an administrator, administrative receiver or provisional liquidator has been appointed;

and any previous direction not to take action shall cease to have effect on the making or passing of any such order, award or appointment.

(7)Where [F186a recognised body] has taken or been directed to take action under its default rules, the [F187appropriate regulator] may direct it to do or not to do such things (being things which it has power to do under its default rules) as are specified in the direction.

F188. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F189(7A)Where the [F190recognised body] is acting in accordance with a direction under subsection (2)(a) that was given only by virtue of paragraph (a) of subsection (3), the appropriate regulator shall not give a direction under subsection (7) unless it is satisfied that the direction under that subsection will not impede or frustrate the proper and efficient conduct of the default proceedings.

(7B)Where the [F191recognised body] has taken action under its default rules without being directed to do so, the appropriate regulator shall not give a direction under subsection (7) unless—

(a)it is satisfied that the direction under that subsection will not impede or frustrate the proper and efficient conduct of the default proceedings, or

(b)it is satisfied that the direction is necessary—

(i)having regard to the public interest in the stability of the financial system of the United Kingdom,

(ii)to facilitate a proposed or possible use of a power under Part 1 of the Banking Act 2009 (special resolution regime) [F192or Schedule 11 to the Financial Services and Markets Act 2023 (central counterparties)], or

(iii)in connection with a particular exercise of a power under that Part [F193or that Schedule].]

(8)A direction under this section is enforceable, on the application of the [F194regulator which gave the direction], by injunction or, in Scotland, by an order under section 45 of the M6Court of Session Act 1988; and where [F195a recognised body] [F196or a relevant office-holder] has not complied with a direction, the court may make such order as it thinks fit for restoring the position to what it would have been if the direction had been complied with.

[F197(9)“The appropriate regulator”—

(a)in relation to a recognised UK investment exchange, means the FCA, and

(b)in relation to a [F198recognised CSD, a] [F199recognised clearing house] [F200or a defaulting clearing member], means the Bank of England.]

Textual Amendments

F169Words in s. 166 heading omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 111(9), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F173Words in s. 166(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(2)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F174Words in s. 166(2)(a)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 81(2)(b)

F175Word in s. 166(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(2)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F176Words in s. 166(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(3)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F177Word in s. 166(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(3)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F178Words in s. 166(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(4)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F180Words in s. 166(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 81(3)(b)

F181Word in s. 166(3) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 111(4)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F187Words in s. 166(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(5)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F188Words in s. 166(7) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 111(5)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F194Words in s. 166(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 111(7), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

Commencement Information

I11S. 166 wholly in force at 1.10.1991; s. 166 in force for certain purposes at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. (subject to savings in art. 3(2)) and wholly in force at 1.10.1991 see S.I. 1991/2173, art. 2.

Marginal Citations

167 Application to determine whether default proceedings to be taken.U.K.

[F201(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,F202...

(b)a recognised clearing house or a member of a recognised clearing house[F203, F204...

[F205(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.]

[F206The 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 [F207a recognised body] (“[F208the 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 [F209appropriate regulator].]

(2)The application shall specify [F210the responsible recognised body] and the grounds on which it is made.

(3)On receipt of the application the [F211appropriate regulator] shall notify [F212the responsible recognised body], and unless within three business days after the day on which the notice is received [F212the responsible recognised body] —

(a)takes action under its default rules, or

(b)notifies the [F211appropriate 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 [F213the person in default] is a party or to anything done by [F212the 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 M7Banking 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 [F214appropriate regulator] gives [F215the 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 [F216the responsible recognised body] notifies the [F217appropriate 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 [F217appropriate regulator], by injunction or, in Scotland, by an order under section 45 of the M8Court of Session Act 1988.

[F218(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

F201S. 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))

Modifications etc. (not altering text)

Commencement Information

I12S. 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

F219168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F219S. 168 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 75(f)

169 Supplementary provisions.U.K.

F220(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)[F221Sections 296 and 297 of the Financial Services and Markets Act 2000 apply] in relation to a failure by a recognised investment exchange or recognised clearing house to comply with an obligation under this Part as to a failure to comply with an obligation under that Act.

[F222(2A)Section 296 of the Financial Services and Markets Act 2000 applies in relation to a failure by a recognised CSD to comply with an obligation under this Part as to a failure to comply with an obligation under that Act.]

(3)Where the recognition of [F223an investment exchange, clearing house or central securities depository] is revoked under the [F224Financial Services and Markets Act 2000, the appropriate authority] may, before or after the revocation order, give such directions as [F225it] thinks fit with respect to the continued application of the provisions of this Part, with such exceptions, additions and adaptations as may be specified in the direction, in relation to cases where a relevant event of any description specified in the directions occurred before the revocation order takes effect.

[F226(3A)“The appropriate authority” means—

(a)in the case of an overseas investment exchange or clearing house, the Treasury;

[F227(b)in the case of a UK investment exchange, the FCA, F228...

(c)in the case of a UK clearing house, the Bank of England][F229, and

(d)in the case of a central securities depository, the Bank of England.]]

F220(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)[F230Regulations under section 414 of the Financial Services and Markets Act 2000 (service of notices) may make provision] in relation to a notice, direction or other document required or authorised by or under this Part to be given to or served on any person other than the [F231Treasury[F232, the FCA or the Bank of England]].

Textual Amendments

F220S. 169(1)(4) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 75(g)

F221Words in s. 169(2) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 83(2)

F224Words in s. 169(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 83(3)(a)

F225Words in s. 169(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 83(3)(b)

F226S. 169(3A) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 83(4)

F227S. 169(3A)(b)(c) substituted for s. 169(3A)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 68(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F228Word in s. 169(3A)(b) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(15)(c)(i) (with regs. 7(4), 9(1))

F230Words in s. 169(5) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 83(5)(a)

F231Words in s. 169(5) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 83(5)(b)

Modifications etc. (not altering text)

C12S. 169(3) applied (with modifications) (E.W.S.) (15.8.1995) by S.I. 1995/2049, reg. 28

Commencement Information

I13S. 169 partly in force: s. 169(1)(2)(3)(5) in force 25.4.1991 see s. 215(2) and S.I. 1991/878, art. 2, Sch.

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