Contracts (Rights of Third Parties) Act 1999 - Pledge GMSLA Provision

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2018 Global Master Securities Lending Agreement (Pledge Version)
A Jolly Contrarian owner’s manual

Clause 28.9 in a Nutshell
Use at your own risk, campers!

28.9 CRTPA: Those who are not party to this Agreement may not use the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. But other third-party rights, outside that Act, still apply.
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Clause 28.9 in full

28.9 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2010 GMSLA
Comparison: Template:Gmsladiff 27.10

Resources and navigation

2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code
Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: Full wikitext · Nutshell wikitext | GMSLA Netting
Let me Google that for you: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers
Navigation
2010 GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans
2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

Stock Loan owner’s manuals: GMSLA · Pledge GMSLA · OSLA

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Content and comparisons

ISLA’s crack drafting squad™’s undisguised enmity to this harmless clause is undimmed in the 8 years between the 2010 GMSLA and the 2018 Pledge GMSLA. The equivalent clauses (27.10 and 28.9 respectively) are the same.
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Summary

Yet another instance of the irrational hatred the English have for this harmless and well intentioned statute from the dog days of the first Blair government. Almost bitter, isn’t it, how the 2010 GMSLA rules out any third party rights arising under this act but not any other third party rights that might somehow have magicked themselves into existence. Oh, no: they’re fine. It’s just your stupid CTRPA rights we’re not having.

Go figure, folks.
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See also

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References