16. Financial institution in resolution proceedings

In a case where the Insolvent Party is a financial institution subject to the process of Recovery and Resolution, the provisions of these Regulations are without prejudice to the operation of subsection 147(1)(k) and section 156 of the AIFC Financial Services Framework Regulations and subrule 4.2.4(1) of AIFC Recovery and Resolution Rules, subject to the safeguards for Netting Agreements and Collateral Arrangements set out in subrules 4.4.5, 4.6.2 and 4.6.3 of the AIFC Recovery and Resolution Rules and any other relevant provisions of AIFC Regulations and Rules providing safeguards for close-out netting and collateral arrangements in the relevant resolution legislation.