1.—(1) This Order may be cited as the Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025.
(2) This Order comes into force on 1st April 2025.
(3) This Order extends to Scotland only.
2. In this Order—
“the Act” means the Moveable Transactions (Scotland) Act 2023(1);
“amendment document” has the meaning given by section 113(1) of the Act;
“assignation document” has the meaning given by section 41(1) of the Act;
“claim” has the meaning given by section 41(1) of the Act;
“collateral-taker”, “financial collateral arrangement”, “financial collateral”, “financial instruments”, “security financial collateral arrangement” and “title transfer financial collateral arrangement”, and references to control or possession of financial collateral or a financial instrument, are to be construed in accordance with regulation 3 of the Financial Collateral Arrangements (No. 2) Regulations 2003(2);
“constitutive document” is to be construed in accordance with section 45 of the Act;
“encumbered property” has the meaning given by section 113(1) of the Act;
“pledge enforcement notice” has the meaning given by section 113(1) of the Act;
“provider” has the meaning given by section 113(1) of the Act;
“right in security” has the meaning given by section 113(1) of the Act;
“secured creditor” has the meaning given by section 113(1) of the Act;
“statutory pledge” has the meaning given by section 113(1) of the Act;
“unregistered statutory pledge” means a pledge created under article 7(2) of this Order which has not been registered under section 48 or 49 of the Act.