(1) The Financial Markets and Insolvency Regulations 1991 [S.I. 1991/880; amended by S.I. 1992/716, 1999/2109, 2001/3649 and 2006/3386.] are amended as follows.

(2) After paragraph (1) of regulation 2 (interpretation: general), insert -

"(1A) In these Regulations "the Recognition Requirements Regulations" means the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 [S.I. 2001/995; amended by S.I. 2005/381 and 2006/3386.].".

(3) In regulation 7 (interpretation of Part V), after the definition of "CGO Service member", insert -

""default fund contribution" has the same meaning as in section 188(3A) of the Act;".

(4) In regulation 10 (extent to which charge granted in favour of recognised investment exchange to be treated as market charge) -

(a) at the end of paragraph (1)(a), insert "or over property provided as a default fund contribution to the exchange"; and

(b) in paragraph (1)(b), for the words from "the net sum referred to" to the end, substitute -

"any sum due to the exchange from a member or designated non-member of the exchange or from a recognised clearing house or from another recognised investment exchange in respect of unsettled market contracts to which the member, designated non-member, clearing house or investment exchange is a party under the rules referred to in paragraph 12 of the Schedule to the Recognition Requirements Regulations".