Part VIIU.K. Financial Markets and Insolvency

Modifications etc. (not altering text)

C1Pt. 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

C2Pt. VII: power to apply conferred (1.12.2001) by 2000 c. 8, s. 301(1)(a); S.I. 2001/3538, art. 2(1)

Supplementary provisionsU.K.

[F1182A.Recognised central counterparties: disapplication of provisions on mutual credit and set-offU.K.

(1)Nothing in the law of insolvency shall enable the setting off against each other of—

(a)positions and assets recorded in an account at a recognised central counterparty and held for the account of a client, an indirect client or a group of clients or indirect clients in accordance with Article 39 of the EMIR Level 1 Regulation [F2, Article 3(1) of the EMIR Level 2 Regulation or Article 3(1) of the MIFIR Level 2 Regulation]; and

(b)positions and assets recorded in any other account at the recognised central counterparty.]

[F3(2)Nothing in the law of insolvency shall enable the setting off against each other of—

(a)positions and assets recorded in an account at a clearing member and held for the account of an indirect client or a group of indirect clients in accordance with [F4Article 4(2) of the EMIR Level 2 Regulation or Article 4(2) of the MIFIR Level 2 Regulation]; and

(b)positions and assets recorded in any other account at the clearing member.]

Textual Amendments