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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 November 2007 - onwards
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10. Amendment to section 1 of Netting of Financial Contracts Act 1995.

Section 1 of the Netting of Financial Contracts Act 1995 is amended -

(a) by inserting the following after the definition of "the Companies Acts":

"'entity ' includes -

(a) a natural or legal person, including a state or any international organisation duly established,

(b) any subdivision or authenticating or other authority of a state or international organisation, and

(c) an unincorporated body of persons;",

(b) by substituting the following for the definition of "financial contracts":

"'financial contracts ' means one or more contracts consisting of one or more or a combination of the following:

(a) interest-rate contracts which are one or more of -

(i) single-currency interest rate swaps,

(ii) basis swaps,

(iii) forward-rate agreements,

(iv) interest-rate futures,

(v) interest-rate options,

(vi) other contracts of a similar nature to those specified in any of subparagraphs (i) to (v), and

(vii) contracts which are combinations of contracts referred to in subparagraphs (i) to (vi);

Comparing proposed amendment...