(1) Where an equivalent overseas order or equivalent overseas security is subject to the insolvency law of England and Wales or Scotland or Northern Ireland, this Part shall apply -

(a) in relation to the equivalent overseas order as it applies in relation to a transfer order; and

(b) in relation to the equivalent overseas security as it applies in relation to collateral security.

(2) In paragraph (1) -

(a) "equivalent overseas order" means an order having the like effect as a transfer order which is effected through a system designated in Gibraltar and which is governed by the law of Gibraltar; and

(b) "equivalent overseas security" means any realisable assets provided under a charge or a repurchase or similar agreement, or otherwise (including credit claims and money provided under a charge) -

(i) for the purpose of securing rights and obligations potentially arising in connection with such a system,

(ii) [deleted]