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The Insolvency (Northern Ireland) Order 1989
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- Northern Ireland Orders in Council
- 1989 No. 2405 (N.I. 19)
- SCHEDULE 2ZZA
- PART 3
- Financial contracts
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The Insolvency (Northern Ireland) Order 1989, Cross Heading: Financial contracts is up to date with all changes known to be in force on or before 04 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule 2ZZA Part 3 Crossheading Financial-contracts:
- Instrument amended by 1998 c. 11 s. 23 Sch. 5 Pt.1 Ch. 3 para. 40
- Instrument amended (prosp) by S.I. 1994/279 (N.I.) art. 26(1) Sch. 2 para. 15
Changes and effects yet to be applied to the whole Order associated Parts and Chapters:
Whole provisions yet to be inserted into this Order (including any effects on those provisions):
- Sch. 9 Pt. 2 para. 66 revoked by 1996 c. 23 s. 107(2) Sch. 4 (Amendment could not be applied. The relevant affected text is not available on legislation.gov.uk)
- art. 2B inserted by 2016 c. 2 (N.I.) s. 2(1)
- art. 208ZA applied (with modifications) by S.I. 2021/716, reg. 37A (as inserted) by S.I. 2023/1399 reg. 12 (This amendment not applied to Legislation.gov.uk. S. 208ZA is inserted by the Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 1(1) which is currently prospective.)
- art. 208ZA-208ZB inserted by 2016 c. 2 (N.I.) s. 1(1)
- art. 208ZB applied (with modifications) by S.I. 2021/716, reg. 37A (as inserted) by S.I. 2023/1399 reg. 12 (This amendment not applied to Legislation.gov.uk. S. 208ZB is inserted by the Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 1(1) which is currently prospective.)
- art. 345A-345B inserted by 2016 c. 2 (N.I.) s. 1(2)
[F1Financial contractsN.I.
F1Sch. 2ZZA inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 13 para. 1 (with ss. 2(2), 5(2), 18(4))
13—(1) This paragraph applies to a financial contract.N.I.
(2) “Financial contract” means—
(a)a contract for the provision of financial services consisting of—
(i)lending (including the factoring and financing of commercial transactions),
(ii)financial leasing, or
(iii)providing guarantees or commitments;
(b)a securities contract, including—
(i)a contract for the purchase, sale or loan of a security or group or index of securities;
(ii)an option on a security or group or index of securities;
(iii)a repurchase or reverse repurchase transaction on any such security, group or index;
(c)a commodities contract, including—
(i)a contract for the purchase, sale or loan of a commodity or group or index of commodities for future delivery;
(ii)an option on a commodity or group or index of commodities;
(iii)a repurchase or reverse repurchase transaction on any such commodity, group or index;
(d)a futures or forwards contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of a commodity or property of any other description, service, right or interest for a specified price at a future date;
(e)a swap agreement, including—
(i)a swap or option relating to interest rates, spot or other foreign exchange agreements, currency, an equity index or equity, a debt index or debt, commodity indexes or commodities, weather, emissions or inflation;
(ii)a total return, credit spread or credit swap;
(iii)any agreement or transaction similar to an agreement that is referred to in sub-paragraph (i) or (ii) and is the subject of recurrent dealing in the swaps or derivatives markets;
(f)an inter-bank borrowing agreement where the term of the borrowing is three months or less;
(g)a master agreement for any of the contracts or agreements referred to in paragraphs (a) to (f).
(3) For the purposes of this paragraph “commodities” includes—
(a)units recognised for compliance with the requirements of EU Directive 2003/87/EC establishing a scheme for greenhouse gas emission allowance trading,
(b)allowances under paragraph 5 of Schedule 2 to the Climate Change Act 2008 relating to a trading scheme dealt with under Part 1 of that Schedule (schemes limiting activities relating to emissions of greenhouse gas), and
(c)renewables obligation certificates issued—
(i)by the Gas and Electricity Markets Authority under an order made under section 32B of the Electricity Act 1989, or
(ii)by the Northern Ireland Authority for Utility Regulation under the Energy (Northern Ireland) Order 2003 (S.I. 2003/419 (N.I. 6)) and pursuant to an order made under Articles 52 to 55F of that Order.]
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