The Investment Bank Special Administration Regulations 2011

[F1Restrictions on partial property transfers—financial marketsU.K.

This section has no associated Explanatory Memorandum

10G.—(1) A partial property transfer may not transfer property, rights or liabilities to the extent that doing so would have the effect of modifying, modifying the operation of, or rendering unenforceable—

(a)a market contract;

(b)the default rules of a recognised investment exchange [F2, recognised clearing house or recognised CSD]; or

(c)the rules of a recognised investment exchange [F2, recognised clearing house or recognised CSD] as to the settlement of market contracts not dealt with under its default rules.

(2) A partial property transfer is void in so far as it is made in contravention of this regulation.

(3) In this regulation—

“default rules” has the meaning given in section 188 of the Companies Act 1989; and

“partial property transfer” has the same meaning as in regulation 10B(13).]

Textual Amendments