UAE Central Bank and Financial Institutions Decree-Law

Article 165 — Article (165) Preservation of Rights in Underlying Transactions

Part Four: Financial Market Infrastructures · Chapter Three: Finality of Transactions and Proceedings

1. Except to the extent that it expressly provides, this decree-law shall not operate to limit, restrict or otherwise affect: a. Any right, title, interest, privilege, obligation or liability of a Person resulting from the underlying transaction in respect of a Transfer Order that has been entered into a Financial Market Infrastructure, which meets any of the designation conditions referred to in item (2) of Article (157). b. Any resolution procedures or measures taken by the Central Bank in accordance with the provisions of Articles nos. (142) and (143) of this decree-Law, or investigation, legal proceedings or remedy in respect of any such right, title, interest, privilege, obligation or liability. 2. Nothing in item (1) of this article shall be construed to require: a. The unwinding of any Netting done by the operator of the concerned infrastructure, whether pursuant to its Default Arrangements or otherwise; b. The revocation of any Transfer Order given by a Participant Person which is entered into the concerned infrastructure; or c. The reversal of a payment or settlement made under the operating rules of the concerned infrastructure.

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