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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 30 June 2011 - onwards
  Version 3 of 3    

Regulation 9 Insolvency proceedings not to affect certain rights

Revoked from 30 June 2011

(1) The rights of -

(a) a participant to collateral security provided to it in connection with a relevant system, and

(b) a central bank to collateral security provided to it,

are not affected by insolvency proceedings against the participant, or the counterparty to a central bank, that provided the collateral security, and that security may be realised for the satisfaction of those rights.

(2) If -

(a) securities are provided as collateral security to a participant or a central bank, or to both, in accordance with paragraph (1), and

(b) the right of the participant or central bank with respect to the securities is legally recorded in a register, account or centralised deposit system located in a Member State,

the law of that Member State governs the determination of the rights of the participant or central bank as a holder of collateral security in relation to those securities.

(3) In this Regulation -

"central bank" includes a nominee, agent or third party acting on behalf of th

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