175. Recognised Clearing Houses: disapplication of provisions on mutual credit and set off

(1) Nothing in the Insolvency Regulations 2015 shall enable the setting off against each other of —
(a) positions and assets recorded in an account at a Recognised Clearing House and held for the account of a Client, an Indirect Client or a group of Clients or Indirect Clients; and
(b) positions and assets recorded in any other account at the Recognised Clearing House.
(2) Nothing in the Insolvency Regulations 2015 shall enable the setting off against each other of —
(a) positions and assets recorded in an account at a Clearing Member and held for the account of an Indirect Client or a group of Indirect Clients; and
(b) positions and assets recorded in any other account at the Clearing Member.