PART 7: FINANCIAL MARKETS
7.1. Business rules of Authorised Market Institutions
7.1.1 Despite anything in these Rules, in any Insolvency Proceedings, to the extent that a claim:
- (a) is to an Investment Entitlement subject to the control of an Authorised Market Institution; and
- (b) is subject of a provision of the business rules of the Authorised Market Institution relating to the finality of acquisitions or dispositions effected under the businessrules; the claim must be decided in accordance with the provision.
7.1.2 In any Insolvency Proceedings, a transaction made by, or claim by or against, a Person under a provision mentioned in subrule 7.1.1 is not subject to any provision of these Rules reversing, voiding, disclaiming or staying, enabling or empowering the reversal, voiding, disclaimer or staying of relating to, or imposing any other requirement on, such a transaction or claim.
7.2. Eligible Security Interests
7.2.1 In this rule: eligible Security Interest means a Security Interest granted:
- (a) by a Person other than an individual; and
- (b) to a Secured Party that is an Investment Intermediary (including, to remove any doubt, an Authorised Market Institution). financial collateral means financial assets held in an Investment Account, or Money, if the financial assets or Money secures an eligible Security Interest.
7.2.2 An eligible Security Interest in financial collateral may be enforced despite any provision of these Rules reversing, voiding, disclaiming or staying, enabling or empowering the reversal, voiding, disclaimer or staying of, or imposing any other requirement on, the enforcement of Security Interests, if the eligible Security Interest attached to the financial collateral before the commencement of insolvency proceedings (whether within the AIFC or otherwise) of the debtor.