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  1. Financial Collateral Arrangements (No. 2) Regulations 2003 [SI 2003 No. 3226]
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 10 December 2003

Financial Collateral Arrangements (No. 2) Regulations 2003 [SI 2003 No. 3226]

Consolidation Status: Updated to reflect all known changes

To be revoked by s. 1 and Sch. 1 Pt 2 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), Sch. 1 Pt 2 not yet fully commenced.

Comparing proposed amendment...
Introductory Text
Part 1 General (regs. 1-3)
In force
 Regulation 1 Citation and commencement
In force
 Regulation 2 Revocation
In force
 Regulation 3 Interpretation
Part 2 Modification of law requiring formalities (regs. 4-7)
In force
 Regulation 4 Certain legislation requiring formalities not to apply to financial collateral arrangements
Omitted
 Regulation 5 Certain legislation affecting Scottish companies not to apply to financial collateral arrangements
In force
 Regulation 6 No additional formalities required for creation of a right in security over book entry securities collateral in Scotland
In force
 Regulation 6A Certain legislation affecting overseas companies not to apply to financial collateral arrangements
Omitted
 Regulation 7 Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangements
Part 3 Modification of insolvency law (regs. 8-15A)
In force
 Regulation 8 Certain legislation restricting enforcement of security not to apply to financial collateral arrangements
In force
 Regulation 9 Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangements
In force
 Regulation 10 Certain insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements
In force
 Regulation 11 Certain Northern Ireland insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements
In force
 Regulation 12 Close-out netting provisions to take effect in accordance with their terms
In force
 Regulation 13 Financial collateral arrangements to be enforceable where collateral-taker not aware of commencement of winding-up proceedings or reorganisation measures
In force
 Regulation 14 Modification of the Insolvency (England and Wales) Rules 2016 and the Insolvency Rules (Northern Ireland) 1991
In force
 Regulation 15 Modification of the Insolvency (Scotland)(Receivership and Winding up) Rules 2018 and the Insolvency (Scotland)(Company Voluntary Arrangements and Administration) Rules 2018
In force
 Regulation 15A Insolvency proceedings in other jurisdictions
Part 4 Right of use and appropriation (regs. 16-18A)
In force
 Regulation 16 Right of use under a security financial collateral arrangement
In force
 Regulation 17 Appropriation of financial collateral under a security financial collateral arrangement
In force
 Regulation 18 Duty to value collateral and account for any difference in value on appropriation
In force
 Regulation 18A Restrictions on enforcement of financial collateral arrangements, etc.
Part 5 Conflict of laws (reg. 19)
In force
 Regulation 19 Standard test regarding the applicable law to book entry securities financial collateral arrangements
Signature
Explanatory Note
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