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The Financial Collateral Arrangements (No.2) Regulations 2003
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Changes to legislation:
The Financial Collateral Arrangements (No.2) Regulations 2003, PART 2 is up to date with all changes known to be in force on or before 09 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Part 2:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
PART 2U.K.Modification of law requiring formalities
Certain legislation requiring formalities not to apply to financial collateral arrangementsU.K.
4.—(1) Section 4 of the Statute of Frauds 1677 M1 (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 M2 (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) [F1[F2Sections 859A] (charges created by a company) and [F3859H] (consequence of failure to register charges created by a company) of the Companies Act 2006] shall not apply [F4(if they 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 [F5or, in Scotland, to relation to any charge created or arising under a financial collateral arrangement].
(5) Section 4 of the Industrial and Provident Societies Act 1967 M3 (filing of information relating to charges) shall not apply (if it would otherwise do so) in relation to a F6... financial collateral arrangement or any charge created or otherwise arising under a F6... financial collateral arrangement.
Textual Amendments
F1Words in reg. 4(4) substituted (1.10.2009) by The Financial Collateral Arrangements (No. 2) Regulations 2003 (Amendment) Regulations 2009 (S.I. 2009/2462), regs. 1(2), 2(2)(a)
F2Words in reg. 4(4) substituted (6.4.2013) by The Companies Act 2006 (Amendment of Part 25) Regulations 2013 (S.I. 2013/600), reg. 1, Sch. 2 para. 4(2) (with reg. 6)
F3Word in reg. 4(4) substituted (6.4.2013) by The Companies Act 2006 (Amendment of Part 25) Regulations 2013 (S.I. 2013/600), reg. 1, Sch. 2 para. 4(2) (with reg. 6)
F4Words in reg. 4(4) substituted (1.10.2009) by The Financial Collateral Arrangements (No. 2) Regulations 2003 (Amendment) Regulations 2009 (S.I. 2009/2462), regs. 1(2), 2(2)(b)
F5Words in reg. 4(4) inserted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 4(3)(a) (with reg. 3)
F6Words in reg. 4(5) omitted (6.4.2011) by virtue of The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 4(3)(b) (with reg. 3)
Marginal Citations
M31967 c . 48
Certain legislation affecting Scottish companies not to apply to financial collateral arrangementsU.K.
F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7Reg. 5 omitted (6.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 25) Regulations 2013 (S.I. 2013/600), reg. 1, Sch. 2 para. 4(3) (with reg. 6)
No additional formalities required for creation of a right in security over book entry securities collateral in ScotlandU.K.
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.
[F8Certain legislation affecting overseas companies not to apply to financial collateral arrangementsU.K.
6A. Any provision about registration of charges made by regulations under section 1052 of the Companies Act 2006 (overseas companies) does 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 [F9or, in Scotland, to any charge created or arising under a financial collateral arrangement.]]
Textual Amendments
F8Reg. 6A inserted (1.10.2009) by The Financial Collateral Arrangements (No. 2) Regulations 2003 (Amendment) Regulations 2009 (S.I. 2009/2462), regs. 1(2), 2(4)
Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangementsU.K.
F107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F10Reg. 7 omitted (1.10.2009) by virtue of The Financial Collateral Arrangements (No. 2) Regulations 2003 (Amendment) Regulations 2009 (S.I. 2009/2462), regs. 1(2), 2(5)
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