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The Financial Collateral Arrangements (No.2) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 3226
- PART 3
- Regulation 9
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The Financial Collateral Arrangements (No.2) Regulations 2003, Section 9 is up to date with all changes known to be in force on or before 24 December 2024. 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.
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Changes and effects yet to be applied to Regulation 9:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangementsU.K.
9.—(1) The following provisions of the Insolvency (Northern Ireland) Order 1989 (administration) shall not apply to any security interest created or otherwise arising under a financial collateral arrangement—
(a)Article 23(1)(b) and Article 24(3)(c) (restriction on enforcement of security while petition for administration order pending or order in force); F1...
(b)Article 28(1) and (2) (power of administrator to deal with charged property);
[F2(c)Article 31(4) and (5) (administrator’s remuneration, expenses and liabilities); and
(d)Paragraphs 44(2), 45 (restriction on enforcement of security), 66(2) (distribution), 71, 72 (power of administrator to deal with charged property), 100(3) and (4) (administrator’s remuneration, expenses and liabilities) of Schedule B1 to the Order.]
(2) Article 24(2) of that Order (receiver to vacate office at request of administrator) shall not apply to a receiver appointed under a charge created or otherwise arising under a financial collateral arrangement.
Textual Amendments
F1Word in reg. 9(1)(a) 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(7)(a) (with reg. 3)
F2Reg. 9(1)(c)(d) 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(7)(b) (with reg. 3)
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