Section 47 Investments and Securities Act 2025

Section 47 of the Investments and Securities Act 2025 is about Disapplication of conflicting orders under insolvency laws. It is under Part V (Registration and Regulation of Securities Exchanges, Financial Market Infrastructures and other Self Regulatory Organisations) of the Act. It provides as follows:

(1) A conflicting order shall not be made under the Bankruptcy Act and the Companies and Allied Matters Act or any other law dealing with bankruptcy or insolvency in relation to any matter under subsection (2) and none of those matters shall be regarded as invalid, revocable, or subject to challenge by an
insolvency office-holder.

(2) The matters to which subsection (1) apply are —
(a) a market contract;
(b) a disposition of property under a market contract;
(c) the provision of market collateral;

(d) a contract effected by a financial market infrastructure for purposes of realising property provided as market collateral;
(e) a disposition of property in accordance with the rules of a financial market infrastructure as to the application of property provided as market collateral;
(f) a market charge;

(g) the default rules of the financial market infrastructure;
(h) the rules of the financial market infrastructure for the netting and settlement of market contracts;

(i) any default proceedings and action taken under the default rules of a financial market infrastructure including, any transfer prescribed in section 45 (1) (d)-(g) of this Act; and
(j) any net sum certified by a financial market infrastructure under its default rules.

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