161. Adjustment of prior transactions
Past version: effective from 20/10/2015 - 19/10/2015
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(1) No order shall be made in relation to a transaction to which this section applies under —
(a) section 257 of the Insolvency Regulations 2015 (Transactions at an undervalue); or
(b) section 258 of the Insolvency Regulations 2015 (Preferences).
(2) This section applies to —
(a) a Market Contract to which a Recognised Body is a party or which is entered into under its Default Rules; and
(b) a disposition of property in pursuance of a Market Contract referred to in paragraph (a).
(3) Where margin is provided in relation to a Market Contract and (by virtue of subsection (2)(a) or otherwise) no such order or decree as is mentioned in subsection (1) has been, or could be, made in relation to that contract, this section applies to —
(a) the provision of the margin;
(b) a Qualifying Collateral Arrangement;
(c) any contract effected by the Recognised Body in question for the purpose of realising the property provided as margin; and
(d) any disposition of property in accordance with the rules of the Recognised Body in question as to the application of property provided as margin.
(4) This section also applies to —
(a) the provision of Default Fund Contribution to a Recognised Body;
(b) any contract effected by a Recognised Body for the purpose of realising the property provided as Default Fund Contribution;
(c) any disposition of property in accordance with the rules of the Recognised Body as to the application of property provided as Default Fund Contribution;
(d) a transfer of a Clearing Member Client Contract, a Client Trade or a Qualifying Collateral Arrangement as mentioned in paragraphs (c) to (e) of section 154(1); and
(e) a Qualifying Property Transfer.