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Change 1
As published
162 Duty to report on completion of default procedings.
(1) Subject to subsection (1A), a recognised body shall, on the completion of proceedings under its default rules, report to the appropriate regulator on its proceedings stating in respect of each creditor or debtor the sum or sums certified by them to be payable from or to the defaulter or, as the case may be, the fact that no sum is payable.
(1A) A recognised overseas investment exchange or recognised overseas clearing house shall not be subject to the obligation under subsection (1) unless it has been notified by the appropriate regulator that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.
(1B) The report under subsection (1) need not deal with a clearing member client contract which has been transferred in accordance with the default rules of a recognised central counterparty.
(2) The recognised body may make a single report or may make reports from time to time as proceedings are completed with respect to the transactions affecting particular persons.
(3) The recognised body shall apply a copy of every report under this section to the defaulter and to any relevant office-holder acting in relation to him or to his estate.
(4) When a report under this section is received by the appropriate regulator, it shall publish notice of that fact in such manner as it thinks appropriate for bringing the report to the attention of creditors and debtors of the defaulter.
(5) A recognised body shall make available for inspection by a creditor or debtor of the defaulter so much of any report by it under this section as relates to the sum (if any) certified to be due or from him or to the method by which that sum was determined.
(6) Any such person may require the recognised body, on payment of such reasonable fee as the recognised body may determine, to provide him with a copy of any part of a report which he is entitled to inspect.
(7) “The appropriate regulator”—
(a) in relation to a recognised investment exchange or a recognised overseas investment exchange, means the FCA, and
(b) in relation to a recognised CSD, a recognised clearing house or a recognised overseas clearing house, means the Bank of England.
Your change, as a redline
162 Duty to report on completion of default procedings.
(1) Subject to subsection (1A), a recognised body shall, on the completion of proceedings under its default rules, report to the appropriate regulator on its proceedings stating in respect of each creditor or debtor the sum or sums certified by them to be payable from or to the defaulter or, as the case may be, the fact that no sum is payable.
(1A) A recognised overseas investment exchange or recognised overseas clearing house shall not be subject to the obligation under subsection (1) unless it has been notified by the appropriate regulator that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.
(1B) The report under subsection (1) need not deal with a clearing member client contract which has been transferred in accordance with the default rules of a recognised central counterparty.
(2) The recognised body may make a single report or may make reports from time to time as proceedings are completed with respect to the transactions affecting particular persons.
(3) The recognised body shall apply a copy of every report under this section to the defaulter and to any relevant office-holder acting in relation to him or to his estate.
(4) When a report under this section is received by the appropriate regulator, it shall publish notice of that fact in such manner as it thinks appropriate for bringing the report to the attention of creditors and debtors of the defaulter.
(5) A recognised body shall make available for inspection by a creditor or debtor of the defaulter so much of any report by it under this section as relates to the sum (if any) certified to be due or from him or to the method by which that sum was determined.
(6) Any such person may require the recognised body, on payment of such reasonable fee as the recognised body may determine, to provide him with a copy of any part of a report which he is entitled to inspect.
(7) “The appropriate regulator”—
(a) in relation to a recognised investment exchange or a recognised overseas investment exchange, means the FCA, and
(b) in relation to a recognised CSD, a recognised clearing house or a recognised overseas clearing house, means the Bank of England.
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