These regulations may be cited as the Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2007 and come into force on 6th April 2007.
Specified date: 6 April 2007: see above.
(1) The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 are amended as follows.
(2) In regulation 14(5)(a)(ii), for “or Articles 31(4) and 50 of the Insolvency (Northern Ireland) Order 1989” substitute “or paragraph 100(3) of Schedule B1 to, and Article 50 of, the Insolvency (Northern Ireland) Order 1989”.
(3) In regulation 14(6)(a), for “or in Article 31(4) of that Order” substitute “or in paragraph 100(3) to Schedule B1 to that Order”.
(4) In regulation 19(1A)—
(a) after “The following provisions of” insert “Schedule B1 to”;
(b) for sub-paragraphs (a) and (b) substitute—
“(a) paragraph 44(2), including that provision as applied by paragraph 45 (restrictions on enforcement of security where company in administration or where administration application has been made); and
(b) paragraphs 71, 72 and 73 (charged and hire purchase property);”
(c) for “Article 24(2) of that Order” substitute “paragraph 42(2)”.
(5) In regulation 19(2A) after “Insolvency Act 1986” insert “or under paragraph 15 or 23 of Schedule B1 to the Insolvency (Northern Ireland) Order 1989”.
Specified date: 6 April 2007: see reg 1.
Frank Roy
Alan Campbell
Two of the Lords Commissioners of Her Majesty's Treasury
13th March 2007
The Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (“the 1999 Regulations”). The 1999 Regulations were extended to Northern Ireland by the Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2006, SI 2006/50 (“the 2006 Regulations”). Since the coming into force of the 2006 Regulations the new administration regime for Northern Ireland companies has been introduced by the Insolvency (Northern Ireland) Order 2005, SI 2005/1455 (NI 10). These Regulations ensure that the 1999 Regulations continue to implement correctly Directive 98/26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems (OJ No L 166, 11.06.1998 p45–50) by minimising the disruption caused by insolvency proceedings brought against a participant in such a system.
No Regulatory Impact Assessment has been prepared specifically for this instrument as these amendments are consequential on the changes made to the administration procedure in Northern Ireland by the 2005 Order. A Regulatory Impact Assessment was prepared for the Insolvency (Northern Ireland) Order 2005 and was placed in the library of each House of Parliament. Copies can be obtained from the Insolvency Service, Department of Enterprise Trade and Investment, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ or from the Service's web-site at www.insolvencyservice.detini.gov.uk.
