Valid from 25/03/1991
14(1)The rules of the clearing house must provide that, in the event of a default, margin provided by the defaulter for his own account is not to be applied to meet a shortfall on a client account.
(2)This is without prejudice to the requirements of any relevant regulations under section 55 of the M1Financial Services Act 1986 (clients’ money).
Commencement Information
I1Sch. 21 wholly in force at 25.4.1991; Sch. 21 in force on 25.3.1991 insofar as is necessary to enable regulations to be made under para. 2(3) and wholly in force at 25.4.1991 see s. 215(2) and S.I. 1991/488, art. 2(2), 1991/878, art. 2, Sch.
Marginal Citations