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The Financial Collateral Arrangements (No.2) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 3226
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The Financial Collateral Arrangements (No.2) Regulations 2003 is up to date with all changes known to be in force on or before 24 April 2024. There are changes that may be brought into force at a future date.
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- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
PART 2 Modification of law requiring formalities
4.Certain legislation requiring formalities not to apply to financial collateral arrangements
5.Certain legislation affecting Scottish companies not to apply to financial collateral arrangements
6.No additional formalities required for creation of a right in security over book entry securities collateral in Scotland
6A.Certain legislation affecting overseas companies not to apply to financial collateral arrangements
7.Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangements
PART 3 Modification of insolvency law
8.Certain legislation restricting enforcement of security not to apply to financial collateral arrangements
9.Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangements
10.Certain insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements
11.Certain Northern Ireland insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements
12.Close-out netting provisions to take effect in accordance with their terms
13.Financial collateral arrangements to be enforceable where collateral-taker not aware of commencement of winding-up proceedings or reorganisation measures
14.Modification of the Insolvency (England and Wales) Rules 2016 and the Insolvency Rules (Northern Ireland) 1991
15.Modification of the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 and the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018
PART 4 Right of use and appropriation
16.Right of use under a security financial collateral arrangement
17.Appropriation of financial collateral under a security financial collateral arrangement
18.Duty to value collateral and account for any difference in value on appropriation
18A.Restrictions on enforcement of financial collateral arrangements, etc.
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