C1C2Part VII Financial Markets and Insolvency

Annotations:
Modifications etc. (not altering text)
C1

Pt. 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

C2

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

Supplementary provisions

I1190 Minor definitions.

1

In this Part—

  • “administrative receiver” has the meaning given by section 251 of the Insolvency Act 1986;

  • “charge” means any form of security, including a mortgage and, in Scotland, a heritable security;

  • “clearing house” has the same meaning as in the M1Financial Services Act 1986;

  • “interim trustee” and “permanent trustee” have the same meaning as in the Bankruptcy (Scotland) Act 1985;

  • “investment” and “investment exchange” have the same meaning as in the Financial Services Act 1986;

  • “overseas”, in relation to an investment exchange or clearing house, means having its head office outside the United Kingdom;

  • “recognised” means recognised under the Financial Services Act 1986;

  • “set-off”, in relation to Scotland, includes compensation;

  • “The Stock Exchange” means The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited;

  • “UK”, in relation to an investment exchange or clearing house, means having its head office in the United Kingdom.

2

References in this Part to settlement in relation to a market contract are to the discharge of the rights and liabilities of the parties to the contract, whether by performance, compromise or otherwise.

3

In this Part the expressions “margin” and “cover for margin” have the same meaning.

4

References in this Part to ensuring the performance of a transaction have the same meaning as in the M2Financial Services Act 1986.

5

For the purposes of this Part a person shall be taken to have notice of a matter if he deliberately failed to make enquiries as to that matter in circumstances in which a reasonable and honest person would have done so.

This does not apply for the purposes of a provision requiring “actual notice”.

6

References in this Part to the law of insolvency include references to every provision made by or under the M3Insolvency Act 1986 or the M4Bankruptcy (Scotland) Act 1985; and in relation to a building society references to insolvency law or to any provision of the Insolvency Act 1986 are to that law or provision as modified by the Building Societies Act 1986.

7

In relation to Scotland, references in this Part—

a

to sequestration include references to the administration by a judicial factor of the insolvent estate of a deceased person, and

b

to an interim or permanent trustee include references to a judicial factor on the insolvent estate of a deceased person,

unless the context otherwise requires.