Versions

 

MIR 6.5.13

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.