# The Risk Transformation Regulations 2017, Regulation 154: Creation of security interests


(1) A protected cell company may only create or assert a security interest over assets held by the protected cell company on behalf of a part of the protected cell company if the security interest does not secure a liability or obligation which is incurred on behalf of, or which is attributable to, another part of the protected cell company.
(2) A protected cell company may only create or assert a security interest over the undertaking of part of the protected cell company if the security interest does not secure a liability or obligation which is incurred on behalf of, or which is attributable to, another part of the protected cell company.
(3) A security interest is void if it contravenes the requirements of paragraph (1) or (2).
(4) In this regulation, “security interest” means—
(a) a lien, pledge, charge or mortgage; or
(b) a standard security, assignation in security or any other right in security constituted under the law of Scotland, including any heritable security.

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Source: https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/154 (the official version)
Page: https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-154
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.