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30.—(1) The Financial Markets and Insolvency Regulations 1991(1) are amended as follows.
(2) In regulation 7 insert at the appropriate place in each case—
““clearing member” has the same meaning as in section 190(1) of the Act;
“client” has the same meaning as in section 190(1) of the Act;
“indirect client” has the same meaning as in section 190(1) of the Act;
“recognised central counterparty” has the same meaning as in section 190(1) of the Act;”.
(3) In regulation 11(2)—
(a)after paragraph (a) insert—
“(aa)in the case of a recognised central counterparty, it secures the obligation to pay to the recognised central counterparty any sum due to it from a clearing member, a client, an indirect client, a recognised investment exchange or recognised clearing house in respect of unsettled market contracts to which the clearing member, client, indirect client, investment exchange or clearing house is a party;”; and
(b)in paragraph (b) for “in the case of a recognised UK clearing house” substitute “in the case of a recognised clearing house which is not a recognised central counterparty”.
S.I. 1991/880; regulation 7 was amended by S.I. 1999/1209 and S.I. 2009/853.
S.I. 1991/880; regulation 11 was amended by S.I. 2009/853.
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