Investment Funds, Companies and Miscellaneous Provisions Act 2006
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Amendment of Netting of Financial Contracts Act 1995. |
35.— Section 1 of the Netting of Financial Contracts Act 1995 is amended by substituting the following definition for the definition of “party”: | |
“ ‘ party ’ means a person constituting one of the parties to an agreement and includes, and shall be deemed always to have included— | ||
(a) any number of persons who share a single, identical interest in the agreement referred to subsequently in this definition if there is no differentiation in the rights and obligations of each of them in that agreement, | ||
(b) the partners in a partnership or limited partnership, including any limited partnership established under the Investment Limited Partnerships Act 1994 or the Limited Partnerships Act 1907 , and | ||
(c) the participants in— | ||
(i) a common contractual fund authorised pursuant to the Investment Funds, Companies and Miscellaneous Provisions Act 2005 , the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 ( S.I. No. 211 of 2003 ) or the laws of a Member State (other than the State) adopted to implement Council Directive No. 86/611/EEC of 20 December 1985, as amended, or | ||
(ii) a sub-fund of a common contractual fund referred to in subparagraph (i), | ||
(whether or not the fund is acting through a manager or a delegate of a manager), | ||
in circumstances where any of such persons or such partners (acting in their capacity as such) or such fund or sub-fund enters into an agreement.”. |