(1) The Secretary of State and the Treasury, acting jointly, may by regulations provide for—
(a) Part VII of the Companies Act 1989 (financial markets and insolvency), and
(b) Part V of the Companies (No 2)(Northern Ireland) Order 1990,
to apply to relevant contracts as it applies to contracts connected with a recognised body.
(2) “Relevant contracts” means contracts of a prescribed description in relation to which settlement arrangements are provided by a person for the time being included in a list (“the list”) maintained by [the Bank of England] for the purposes of this section.
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