Financial Markets and Insolvency Regulations (Northern Ireland) 1996
The Regulations apply with modifications certain provisions of Part V of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10)) (“Part V”) to certain charges (and to property subject to those charges) granted in favour of those who undertake assured payment obligations in connection with the settlement of transactions through a relevant system in respect of which an Operator has been approved under the Uncertificated Securities Regulations 1995 (S.I. 1995/3272). The provisions applied are ones which modify the way in which the charges in question are treated in the event of an administration or certain kinds of receivership under the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) and ones which modify the way in which rights of persons other than the chargee may be exercised in relation to property subject to those charges.