The Financial Collateral Arrangements (No.2) Regulations 2003
PART 1General
1Citation and commencement
2Revocation
3Interpretation
PART 2Modification of law requiring formalities
4Certain legislation requiring formalities not to apply to financial collateral arrangements
5Certain legislation affecting Scottish companies not to apply to financial collateral arrangements
6No additional formalities required for creation of a right in security over book entry securities collateral in Scotland
6ACertain legislation affecting overseas companies not to apply to financial collateral arrangements
7Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangements
PART 3Modification of insolvency law
8Certain legislation restricting enforcement of security not to apply to financial collateral arrangements
9Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangements
10Certain insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements
11Certain Northern Ireland insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements
12Close-out netting provisions to take effect in accordance with their terms
13Financial collateral arrangements to be enforceable where collateral-taker not aware of commencement of winding-up proceedings or reorganisation measures
14Modification of the Insolvency (England and Wales) Rules 2016 and the Insolvency Rules (Northern Ireland) 1991
15Modification of the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 and the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018
15AInsolvency proceedings in other jurisdictions
PART 4Right of use and appropriation
16Right of use under a security financial collateral arrangement
17Appropriation of financial collateral under a security financial collateral arrangement
18Duty to value collateral and account for any difference in value on appropriation
18ARestrictions on enforcement of financial collateral arrangements, etc.
PART 5Conflict of laws
19Standard test regarding the applicable law to book entry securities financial collateral arrangements

2003 No. 3226

FINANCIAL SERVICES AND MARKETS

The Financial Collateral Arrangements (No.2) Regulations 2003

Made

Laid before Parliament

Coming into force

Regulation 2

Remainder

The Treasury, being a government department designated M1 for the purposes of section 2(2) of the European Communities Act 1972 M2 in relation to collateral security, in exercise of the powers conferred on them by that section, hereby make the following Regulations:C1C2C3C4C5C6C7

Annotations:
Modifications etc. (not altering text)
C2

Regulations applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

C7

Regulations: power to amend or revoke conferred (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 15, 17, 86(3); S.I. 2023/779, reg. 4(j)(l)

Marginal Citations