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The Financial Collateral Arrangements (No.2) Regulations 2003

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

PART 2Modification of law requiring formalities

Certain legislation requiring formalities not to apply to financial collateral arrangements

4.—(1) Section 4 of the Statute of Frauds 1677 (1) (no action on a third party’s promise unless in writing and signed) shall not apply (if it would otherwise do so) in relation to a financial collateral arrangement.

(2) Section 53(1)(c) of the Law of Property Act 1925 (2) (disposition of equitable interest to be in writing and signed) shall not apply (if it would otherwise do so) in relation to a financial collateral arrangement.

(3) Section 136 of the Law of Property Act 1925 (legal assignments of things in action) shall not apply (if it would otherwise do so) in relation to a financial collateral arrangement, to the extent that the section requires an assignment to be signed by the assignor or a person authorised on its behalf, in order to be effectual in law.

(4) Section 395 of the Companies Act 1985 (3) (certain charges void if not registered) shall not apply (if it would otherwise do so) in relation to a security financial collateral arrangement or any charge created or otherwise arising under a security financial collateral arrangement

(5) Section 4 of the Industrial and Provident Societies Act 1967 (4) (filing of information relating to charges) shall not apply (if it would otherwise do so) in relation to a security financial collateral arrangement or any charge created or otherwise arising under a security financial collateral arrangement.

Certain legislation affecting Scottish companies not to apply to financial collateral arrangements

5.  Section 410 of the Companies Act 1985 (certain charges void if not registered (Scotland)) shall not apply (if it would otherwise do so) in relation to a security financial collateral arrangement or any charge created or otherwise arising under a security financial collateral arrangement.

No additional formalities required for creation of a right in security over book entry securities collateral in Scotland

6.—(1) Where under the law of Scotland an act is required as a condition for transferring, creating or enforcing a right in security over any book entry securities collateral, that requirement shall not apply (if it would otherwise do so).

(2) For the purposes of paragraph (1) an “act”—

(a)is any act other than an entry on a register or account maintained by or on behalf of an intermediary which evidences title to the book entry securities collateral;

(b)includes the entering of the collateral-taker’s name in a company’s register of members.

Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangements

7.  Article 402 of the Companies (Northern Ireland) Order 1986 (5) (certain charges void if not registered) shall not apply (if it would otherwise do so) in relation to a security financial collateral arrangement or any charge created or otherwise arising under a security financial collateral arrangement.

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