The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023
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Change 1
5 Financial markets
(1) Subject to paragraph (2), a partial property transfer to which this Part applies may not transfer property, rights or liabilities or include provision under the continuity powers to the extent that to do 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, recognised clearing house or recognised CSD; or (c) the rules of a recognised investment exchange, recognised clearing house or recognised CSD as to the settlement of market contracts not dealt with under its default rules. (2) The restriction in paragraph (1) does not apply to the extent that it would contradict any provision in a relevant property transfer instrument which applies paragraph 84(10) or (11) of the Schedule (termination rights etc). (3) In this regulation— “default rules” has the meaning given by section 188 of the Companies Act 1989; “recognised clearing house”, “recognised CSD” and “recognised investment exchange” have the meanings given by section 285 of the Financial Services and Markets Act 2000; “relevant property transfer instrument” means any instrument made for the purposes of effecting a partial property transfer to which these Regulations apply.
5 Financial markets
(1) Subject to paragraph (2), a partial property transfer to which this Part applies may not transfer property, rights or liabilities or include provision under the continuity powers to the extent that to do 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, recognised clearing house or recognised CSD; or (c) the rules of a recognised investment exchange, recognised clearing house or recognised CSD as to the settlement of market contracts not dealt with under its default rules. (2) The restriction in paragraph (1) does not apply to the extent that it would contradict any provision in a relevant property transfer instrument which applies paragraph 84(10) or (11) of the Schedule (termination rights etc). (3) In this regulation— “default rules” has the meaning given by section 188 of the Companies Act 1989; “recognised clearing house”, “recognised CSD” and “recognised investment exchange” have the meanings given by section 285 of the Financial Services and Markets Act 2000; “relevant property transfer instrument” means any instrument made for the purposes of effecting a partial property transfer to which these Regulations apply.
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