274. Overriding provisions

The Court shall not grant any relief, or modify any relief already granted, or provide any co-operation or coordination, under or by virtue of any of the provisions of Schedule 10 (Application of UNCITRAL Model Law) if and to the extent that such relief or modified relief or cooperation or coordination would —

(a) be prohibited under or by virtue of —
(i) the Financial Market Regulations or the business rules of any market institution authorised under the Financial Market Regulations; or
(ii) the provisions of Part 7 (Financial Markets and Netting);
in the case of a proceeding under these Regulations; or
(b) interfere with or be inconsistent with any rights of a collateral-taker under Part 7 (Financial Markets and Netting) which could be exercised in the case of such a proceeding.