(1) Subject to paragraphs (2) and (3), the creation, validity, perfection, enforceability or admissibility in evidence of a financial collateral arrangement, or the provision of financial collateral under such an arrangement, does not depend on the performance of a formal act such as registration or notice to the debtor.
(2) In the case of financial collateral that is or includes a credit claim, if, pursuant to the law of the State, the laws of another state would be applied to determine any of the matters referred to in paragraph (1) and, pursuant to the laws of that other state, that matter depends on the performance of a formal act such as registration or the giving of notice to the debtor, paragraph (1) does not affect the continued application of that requirement.
(3) Paragraph (1) does not prejudice the application of these Regulations to financial collateral once that collateral has been provided if -
(a) that provision is capable of being evidenced in writing, and
(b) the relev
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