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Financial Collateral Arrangements (No. 2) Regulations 2003 [SI 2003 No. 3226]Introductory TextPart 1 General (regs. 1-3)Regulation 1 Citation and commencementRegulation 2 RevocationRegulation 3 InterpretationPart 2 Modification of law requiring formalities (regs. 4-7)Regulation 4 Certain legislation requiring formalities not to apply to financial collateral arrangementsRegulation 5 Certain legislation affecting Scottish companies not to apply to financial collateral arrangementsRegulation 6 No additional formalities required for creation of a right in security over book entry securities collateral in ScotlandRegulation 6A Certain legislation affecting overseas companies not to apply to financial collateral arrangementsRegulation 7 Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangementsPart 3 Modification of insolvency law (regs. 8-15A)Regulation 8 Certain legislation restricting enforcement of security not to apply to financial collateral arrangementsRegulation 9 Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangementsRegulation 10 Certain insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangementsRegulation 11 Certain Northern Ireland insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangementsRegulation 12 Close-out netting provisions to take effect in accordance with their termsRegulation 13 Financial collateral arrangements to be enforceable where collateral-taker not aware of commencement of winding-up proceedings or reorganisation measuresRegulation 14 Modification of the Insolvency (England and Wales) Rules 2016 and the Insolvency Rules (Northern Ireland) 1991Regulation 15 Modification of the Insolvency (Scotland)(Receivership and Winding up) Rules 2018 and the Insolvency (Scotland)(Company Voluntary Arrangements and Administration) Rules 2018Regulation 15A Insolvency proceedings in other jurisdictionsPart 4 Right of use and appropriation (regs. 16-18A)Regulation 16 Right of use under a security financial collateral arrangementRegulation 17 Appropriation of financial collateral under a security financial collateral arrangementRegulation 18 Duty to value collateral and account for any difference in value on appropriationRegulation 18A Restrictions on enforcement of financial collateral arrangements, etc.Part 5 Conflict of laws (reg. 19)Regulation 19 Standard test regarding the applicable law to book entry securities financial collateral arrangementsSignatureExplanatory Note
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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]

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.

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