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The Companies Act 1989 (Financial Markets and Insolvency) (Amendment) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 1247
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make amendments to Part 7 of the Companies Act 1989 (c.40) as a consequence of amendments made to Commission Delegated Regulation (EU) No. 149/2013 of 19 December 2012 by Commission Delegated Regulation (EU) 2017/2155 of 22 September 2017 (O.J. 21.11.2017 L 304/13) and the adoption of Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements (O.J. 21.11.2017 L 304/6).
Those Commission Delegated Regulations require new segregated account structures to be provided by the central counterparty (CCP) and the clearing members of the CCP for indirect clients for both over the counter and exchange traded derivative transactions. An indirect client is a client of a client of a clearing member.
Part 7 of the Companies Act 1989 provides for protections for certain financial services transactions from provisions in insolvency law. These Regulations amend the provisions in Part 7 which facilitate the segregation of indirect client accounts at a clearing member and the transfer of indirect client accounts on the failure of a client providing indirect clearing services. References in Part 7 to Commission Delegated Regulation (EU) No. 149/2013 are updated, and new references to Commission Delegated Regulation (EU) 2017/2154 are inserted.
An impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen.
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