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The Financial Markets and Insolvency (Settlement Finality)(Amendment) Regulations 2007
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- 2007 No. 832
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
The Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (“the 1999 Regulations”). The 1999 Regulations were extended to Northern Ireland by the Financial Markets and Insolvency (Settlement Finality)(Amendment) Regulations 2006, S.I. 2006/50 (“the 2006 Regulations”). Since the coming into force of the 2006 Regulations the new administration regime for Northern Ireland companies has been introduced by the Insolvency (Northern Ireland) Order 2005, S.I. 2005/1455 (N.I. 10). These Regulations ensure that the 1999 Regulations continue to implement correctly Directive 98/26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems (OJ No. L 166, 11.06.1998 p45 – 50) by minimising the disruption caused by insolvency proceedings brought against a participant in such a system.
No Regulatory Impact Assessment has been prepared specifically for this instrument as these amendments are consequential on the changes made to the administration procedure in Northern Ireland by the 2005 Order. A Regulatory Impact Assessment was prepared for the Insolvency (Northern Ireland) Order 2005 and was placed in the library of each House of Parliament. Copies can be obtained from the Insolvency Service, Department of Enterprise Trade and Investment, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ or from the Service’s web-site at www.insolvencyservice.detini.gov.uk..
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