(1) The effects of a relevant reorganisation or a relevant winding up on a netting agreement shall be determined in accordance with the law applicable to that agreement.

(2) Nothing in paragraph (1) affects the application of -

(a) section 48Z of the Banking Act 2009 [Section 48Z is inserted by S.I. 2014/3329.];

(b) section 70C of the Banking Act 2009 [Section 70C is inserted by S.I. 2014/3329.];

(c) [deleted]

(d) any instrument made under the provisions referred to in sub-paragraph (a) or (b).