(1) The Treasury may make regulations about financial collateral arrangements.

(2) "Financial collateral arrangements" are arrangements under which financial collateral is used as security in respect of a loan or other liability; and for that purpose -

(a) collateral may be in cash, securities or any other form,

(b) use as security may involve transfer of the collateral or the creation or transfer of any kind of right, interest or charge (fixed or floating) in respect of it, and

(c) in particular, use as security can include use under arrangements of a kind described commercially as "title transfer financial collateral arrangements".

(3) The regulations -

(a) [deleted]

(b) are not restricted to doing things done by the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226), but may make any provision that the Treasury think necessary or desirable for the purpose of enabling financial collateral arrangements, whether or not with an international element, to be commercially useful and effective.

(4) The regulations may, in particular -

(a) disapply or modify an enactment or rule of law about formalities or evidence,