The Financial Markets and Insolvency (Settlement Finality) Regulations 1999
PART IGENERAL
1Citation, commencement and extent
2Interpretation
PART IIDESIGNATED SYSTEMS
3Application for designation
4Grant and refusal of designation
5Fees
6Certain bodies deemed to satisfy requirements for designation
7Revocation of designation
8Undertakings treated as institutions
9Indirect participants treated as participants
10Provision of information by designated systems
11Exemption from liability in damages
12Publication of information and advice
PART IIITRANSFER ORDERS EFFECTED THROUGH A DESIGNATED SYSTEMAND COLLATERAL SECURITY
13Modifications of the law of insolvency
14Proceedings of designated system take precedence over insolvency proceedings
15Net sum payable on completion of action taken under default arrangements
16Disclaimer of property, rescission of contracts, &c
17Adjustment of prior transactions
Collateral security charges
18Modifications of the law of insolvency
19Administration orders, &c
General
20Transfer order entered into designated system following insolvency
21Disapplication of certain provisions of Part VII
22Notification of insolvency order or passing of resolution for creditors' voluntary winding up
23Applicable law relating to securities held as collateral security
24Applicable law where insolvency proceedings are brought
25Insolvency proceedings in other jurisdictions
26Systems designated in other EEA States, Northern Ireland and Gibraltar
SCHEDULEREQUIREMENTS FOR DESIGNATION OF SYSTEM
1Establishment, participation and governing law
2Arrangements and resources
3Financial resources
4Co-operation with other authorities
5Specific provision in the rules
6Default arrangements
1999 No. 2979
FINANCIAL SERVICES

The Financial Markets and Insolvency (Settlement Finality) Regulations 1999

Made
Laid before Parliament
Coming into force
The Treasury, being a government department designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to measures—
  1. (i)

    relating to investment firms and to the provision of investment services and to the operation of regulated markets and clearing or settlement systems;

  2. (ii)

    relating to payment systems; and

  3. (ii)

    relating to collateral security provided to the central banks of member States or to the European Central Bank;

in exercise of the powers conferred by that section, hereby make the following Regulations—