188 Meaning of "default rules" and related expressions
Companies Act 1989 (1989 c 40) | Legislation

188  Meaning of "default rules" and related expressions

(1)     In this Part “default rules” means rules of a [recognised body] which provide for the taking of action in the event of a person [(including another [recognised body])] appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more market contracts [connected with [the recognised body], . . .].

[(1A)     In the case of a recognised central counterparty, “default rules” includes—

(a)     the default procedures referred to in Article 48 of the EMIR Level 1 Regulation; and

(b)     any rules of the recognised central counterparty which provide for the taking of action in accordance with a request or instruction from a clearing member under the default procedures referred to in [Article 4(6) and (7) of the EMIR Level 2 Regulation or Article 4(6) and (7) of the MIFIR Level 2 Regulation] in respect of assets or positions held by the recognised central counterparty for the account of an indirect client or group

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