Personal Insolvency Act 2012

138.

Application of laws in relation to netting agreements, etc.

138.— (1) Nothing in this Act—

( a) affects the operation of—

(i) the Netting of Financial Contracts Act 1995,

(ii) the European Communities (Settlement Finality) Regulations 2010 ( S.I. No. 624 of 2010), or

(iii) the European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010),

in relation to an agreement to which a debtor is a party, or

( b) affects the operation of any provision of the law of a Member State required for the implementation of the provisions of—

(i) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 (as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009), or

(ii) Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 (as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009).

(2) Nothing in this Act affects the operation of the Asset Covered Securities Act 2001.