Section 170: Certain overseas exchanges and clearing houses., Companies Act 1989

The Secretary of State and the Treasury may by regulations provide that this Part applies in relation to contracts connected with an overseas investment exchange or overseas clearing house which—

is not a recognised investment exchange or recognised clearing house, but

is approved by the Treasury in accordance with such requirements as may be so specified,

as it applies in relation to contracts connected with a recognised investment exchange or recognised clearing house.

The Treasury shall not approve an overseas investment exchange or clearing house unless they are satisfied—

that the rules and practices of the body, together with the law of the country in which the body's head office is situated, provide adequate procedures for dealing with the default of persons party to contracts connected with the body, and

that it is otherwise appropriate to approve the body.

The reference in subsection (2)(a) to default is to a person being unable to meet his obligations.

The regulations may apply in relation to the approval of a body under this section such of the provisions of the Financial Services and Markets Act 2000 as the Secretary of State considers appropriate.

The Secretary of State may make regulations which, in relation to a body which is so approved—

apply such of the provisions of the Financial Services and Markets Act 2000 as the Secretary of State considers appropriate, and

provide that the provisions of this Part apply with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient;

and different provision may be made with respect to different bodies or descriptions of body.

Where the regulations apply any provisions of the Financial Services and Markets Act 2000, they may provide that those provisions apply with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient.

Section 170: Certain overseas exchanges and clearing houses.

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