The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend a number of instruments in consequence of the enactment of the Insolvency (England and Wales) Rules 2016 (S.I. 2016/1024) (“the 2016 Rules”), the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 (S.I. 2018/1082) and the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (S.I. 2018/347) (together, “the 2018 Rules”) which came into force on 6th April 2017 and 6th April 2019 respectively. The instruments amended in these Regulations are:

• the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);

• Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226);

• the Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353);

• the Credit Institutions (Reorganisation and Winding up) Regulations 2004 (S.I. 2004/1045);

• the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005 (S.I. 2005/1998);

• the Regulated Covered Bonds Regulations 2008 (S.I. 2008/346); and

• the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2010 (S.I. 2010/3023).

The 2016 Rules revoked the Insolvency Rules 1986 (S.I. 1986/1925). The 2018 Rules revoked the Insolvency (Scotland) Rules 1986 (S.I. 1986/1915). The 2016 Rules and the 2018 Rules re-enacted provision made in the 1986 Rules to which reference is made in the instruments amended by these Regulations.

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.