Schedule 3, Part 3, paragraph 10(9)

For regulation 34 (netting agreements) substitute— The effects of a relevant reorganisation or a relevant winding up on a netting agreement shall be determined in accordance with the law applicable to that agreement. Nothing in paragraph (1) affects the application of— section 48Z of the Banking Act 2009 ; section 70C of the Banking Act 2009 ; Articles 68 and 71 of the recovery and resolution directive or the law of any EEA State (other than the United Kingdom) transposing these provisions; or any instrument made under the provisions referred to in sub-paragraph (a) or (b).

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Source: legislation.gov.uk · retrieved 2026-09-04