Companies Act 1989

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

(1) F1 Subject to subsection (1A),a recognised investment exchange or recognised clearing house shall, on the completion of proceedings under its default rules, report to the [F2 appropriate regulator] on its proceedings stating in respect of each creditor or debtor the sum [F3 or 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.

F4 (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 [F5 appropriate regulator] that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.

[F6 (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) The exchange or clearing house 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) The exchange or clearing house 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 [F7 [F8 appropriate regulator], it] shall publish notice of that fact in such manner as [F9 it] thinks appropriate for bringing [F10 the report] to the attention of creditors and debtors of the defaulter.

(5) An exchange or clearing house 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 the exchange or clearing house, on payment of such reasonable fee as the exchange or clearing house may determine, to provide him with a copy of any part of a report which he is entitled to inspect.

[F11 (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 recognised clearing house or a recognised overseas clearing house, means the Bank of England.]

Textual Amendments

F1 Words in s. 162(1) inserted by S.I. 1991/880, reg. 6(2)

F2 Words in s. 162(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3 Words in s. 162(1) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(7)(a) (with regs. 52-58)

F4 S. 162(1A) inserted by S.I. 1991/880, reg. 6(3)

F5 Words in s. 162(1A) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6 S. 162(1B) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(7)(b) (with regs. 52-58)

F7 Words in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(a)

F8 Words in s. 162(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9 Word in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(b)

F10 Words in s. 162(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 80(4)(c)

F11 S. 162(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 66(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1 S. 162 applied (with modifications) (E.W.S.) (11.12.1999) by S.I. 1999/2979, reg. 15(1)

Commencement Information

I1 S. 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