MIR 6.5.11

The procedure is that the Regulator must notify the Recognised Body of the application and, unless within three business days after receipt of that notice, the Recognised Body:

(a) takes action under its Default Rules;
(b) notifies the Regulator that it proposes to take action forthwith; or
(c) is directed to take action by the Regulator,

section 268 of the Insolvency Regulations do not apply in relation to market contracts to which the Member or designated non-Member is a party or to anything done by the Recognised Body for the purpose of, or in connection with, the settlement of any market contracts.