Netting of Financial Agreements Act 2015 · s 7

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s 7Period of stay

(1)

The Minister may, on the recommendation of the relevant authority having the power to enforce the provisions specified in

Part II of the Schedule, prescribe any period during which the enforceability of the netting provision under section 3 shall be stayed for the purposes of the provisions specified in Part II of the Schedule.

(2)

The Minister shall cause a reasonable notice to be given to persons affected by the period of stay prescribed under subsection (1), unless the circumstances do not permit.

(3)

The period prescribed under subsection (1) shall apply notwithstanding that any other period has been provided or prescribed under the provisions specified in Part II of the Schedule.