(1) This regulation applies to financial collateral arrangements where book entry securities collateral is used as collateral under the arrangement and are held through one or more intermediaries.
(2) Any question relating to the matters specified in paragraph (4) of this regulation which arises in relation to book entry securities collateral which is provided under a financial collateral arrangement shall be governed by the domestic law of the country, or territory, or where appropriate, the law of the part of the country or territory, in which the relevant account is maintained.
(3) For the purposes of paragraph (2) "domestic law" excludes any rule under which, in deciding the relevant question, reference should be made to the law of another country or territory.
(4) The matters referred to in paragraph (2) are -
(a) the legal nature and proprietary effects of book entry securities collateral;
(b) the requirements for perfecting a financial collateral arrangement relating to book ent
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