Regulation 12 Commencement of insolvency proceedings against participant not to prevent certain funds and securities from being used to fulfil participant's obligations

The commencement of insolvency proceedings against a participant in a relevant system does not prevent funds or securities available on the settlement account of the participant from being used to fulfil the participant's obligations in the system on the day on which those proceedings were commenced. Furthermore, the participant's credit facility connected to the system may be used against available, existing collateral security to fulfil the participant's obligations under the system.