Article 226

Financial Markets and Insolvency (Settlement Finality) Regulations 1999

7. In the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 [S.I. 1999/2979. There are amendments, but none is relevant.], in regulation 2(2), after sub-paragraph (b) insert -

"(2A) For the purposes of these regulations, references to insolvency proceedings do not include crisis prevention measures or crisis management measures taken in relation to an undertaking under the recovery and resolution directive unless -

(a) express provision is made in a contract to which that undertaking is a party that crisis prevention measures or crisis management measures taken in relation to the undertaking are to be treated as insolvency proceedings; and

(b) the substantive obligations provided for in the contract containing that provision (including payment and delivery obligations and provision of collateral) are no longer being performed.

(2B) For the purposes of paragraph (2A) -

(a) "crisis prevention measure" and "crisis management measure" have the meaning given in section 48Z of the Banking Act 2009 [Section 48Z was inserted by S.I. 2014/3329.]; and