Settlement Finality Regulations Notification to Designated System: Insolvency
The CLS settlement system is a UK designated system under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (as amended), (the “UK Settlement Finality Regulations”). UK Settlement Finality Regulation 22 requires that upon the making of an order for bankruptcy, sequestration, administration, or winding-up in respect of a participant in a designated system, the court must notify both the system operator and the Bank of England as designating authority forthwith.
CLS Bank, the operator of the CLS settlement system, may be notified of the commencement of a Member insolvency (e.g. bankruptcy, sequestration, administration, or winding-up) at: