(1) Nothing in regulations 16 and 17 [Regulations 12, 16 and 17 were amended by S.I. 2010/2993.] prevents the Bank of England imposing a restriction -

(a) on the enforcement of financial collateral arrangements, or

(b) on the effect of a security financial collateral arrangement, close out netting provision or set-off arrangement,

in the exercise of its powers under Part 1 of the Banking Act 2009 or under Schedule 11 to the Financial Services and Markets Act 2023.

(2) For the purpose of paragraph (1) "set-off arrangement" means an arrangement under which two or more debts, claims or obligations can be set off against each other.