Statutory Instrument 1995 No. 2049

The Financial Markets and Insolvency (Money Market) Regulations 1995

---

© Crown Copyright 1995

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Financial Markets and Insolvency (Money Market) Regulations 1995, ISBN 0110533739. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1995 No. 2049

FINANCIAL SERVICES

The Financial Markets and Insolvency (Money Market) Regulations 1995

Whereas the Treasury and the Secretary of State are satisfied that, having regard to the extent to which the contracts described in these Regulations as "money market contracts" are of a kind dealt in by persons supervised by the Bank of England, it is appropriate that setttlement arrangements in relation to those contracts should be subject to the supervision of the Bank of England, and

Whereas the Treasury and the Secretary of State have consulted the Bank of England before making these Regulations:

Now, therefore, the Treasury and the Secretary of State, in exercise of the powers vested in them jointly under sections 171, 176, 181, 185 and 186 of the Companies Act 1989^[1]and of all other powers enabling them in that behalf, hereby make the following Regulations—

Citation and commencement
    1.    These Regulations may be cited as the Financial Markets and Insolvency (Money Market) 1995 Regulations and shall come into force on 15th August 1995.

Interpretation of the Regulations
    2.    In these Regulations—
"the Act" means the Companies Act 1989;
"the 1986 Act" means the Financial Services Act 1986^[2];
"business day" has the same meaning as in section 167(3) of the Act;
"defaulter" means a person in respect of whom action has been taken by a listed person under his default rules, whether by declaring the person in respect of whom action has been taken to be a defaulter or otherwise;
"default rules" means the rules of a listed person which provide for the taking of action in the event of a person appearing to be unable, or likely to become unable, to meet this liabilities in respect of one or more money market contracts or related contracts;
"the list" means the list maintained by the Bank of England for the purposes of section 171 of the Act;
"listed person" means a person for the time being included in the list;
"money market charge" means a charge, whether fixed or floating, granted in favour of a listed person for the purpose of securing debts or liabilities arising in connection with the settlement of money market contracts or related contracts;
"money market contract" means a contract for the acquisition or disposal of currency of the United Kingdom or of any other country or territory, being a contract in relation to which a listed person provides settlement arrangements;
"Part VII" means Part VII of the Act;
"related contract" means a contract other than a money market contract effected by a listed person under his default rules for the purpose of enabling the settlement of a money market contract or another related contract;
"rules" means the rules made or conditions imposed by a listed person with respect to the provision by that person of settlement arrangements.

Interpretation of Part VII as applied by the regulations
    3.    References in the provisions of Part VII as they are applied by these Regulations—
 (a) to a defaulter shall be taken to be to references to a defaulter within the meaning of these Regulations;
 (b) to default proceedings shall be taken to be references to proceedings taken by a listed person under his default rules;
 (c) to defaut rules shall be taken to be references to default rules within the meaning of these Regulations;
 (d) to a market charge shall be taken to be references to a money market charge;
 (e) to market contracts shall be taken to be references to money market contracts and related contracts;
 (f) to a member of a recognised investment exchange or a recognised clearing house shall be taken to be references to a person using the settlement arrangements provided by a listed person;
 (g) to a recognised investment exchange or a recognised clearing house shall be taken to be references to a listed person; and
 (h) to rules shall be taken to be references to rules within the meaning of these Regulations.

[1] 1989 c. 40. The powers originally vested in the Secretary of State under sections 171, 176, 181, 185 and 186 of the Companies Act 1989 are now exercisable by him jointly with the Treasury—see the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315). back

[2] 1986 c. 60. back

Explanatory Note