{
  "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003",
  "json_url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003.json",
  "id": "uksi/2003/3226",
  "title": "The Financial Collateral Arrangements (No.2) Regulations 2003",
  "short_title": "Financial Collateral Arrangements 2003",
  "long_title": "These Regulations implement the European Parliament and Council Directive 2002/47/EC on financial collateral arrangements (“the Directive”). The Regulations apply to England, Wales, Scotland and Northern Ireland.",
  "citation": "S.I. 2003/3226",
  "type": "uksi",
  "year": "2003",
  "number": "3226",
  "version": "current",
  "date": "2003-12-10",
  "revised": true,
  "valid_from": "2024-01-04",
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 1,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "part/1",
      "kind": "part",
      "number": "1",
      "heading": "General",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
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      "path": "regulation/1",
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      "heading": "Citation and commencement",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-1",
      "extent": null,
      "status": null,
      "parent": "part/1"
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    {
      "path": "regulation/2",
      "kind": "regulation",
      "number": "2",
      "heading": "Revocation",
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      "extent": null,
      "status": null,
      "parent": "part/1"
    },
    {
      "path": "regulation/3",
      "kind": "regulation",
      "number": "3",
      "heading": "Interpretation",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/1"
    },
    {
      "path": "part/2",
      "kind": "part",
      "number": "2",
      "heading": "Modification of law requiring formalities",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/4",
      "kind": "regulation",
      "number": "4",
      "heading": "Certain legislation requiring formalities not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/2"
    },
    {
      "path": "regulation/5",
      "kind": "regulation",
      "number": "5",
      "heading": "Certain legislation affecting Scottish companies not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-5",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "part/2"
    },
    {
      "path": "regulation/6",
      "kind": "regulation",
      "number": "6",
      "heading": "No additional formalities required for creation of a right in security over book entry securities collateral in Scotland",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-6",
      "extent": null,
      "status": null,
      "parent": "part/2"
    },
    {
      "path": "regulation/6A",
      "kind": "regulation",
      "number": "6A",
      "heading": "Certain legislation affecting overseas companies not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-6A",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/2"
    },
    {
      "path": "regulation/7",
      "kind": "regulation",
      "number": "7",
      "heading": "Certain legislation affecting Northern Ireland companies and requiring formalities not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-7",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "part/2"
    },
    {
      "path": "part/3",
      "kind": "part",
      "number": "3",
      "heading": "Modification of insolvency law",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/8",
      "kind": "regulation",
      "number": "8",
      "heading": "Certain legislation restricting enforcement of security not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/9",
      "kind": "regulation",
      "number": "9",
      "heading": "Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/10",
      "kind": "regulation",
      "number": "10",
      "heading": "Certain insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/11",
      "kind": "regulation",
      "number": "11",
      "heading": "Certain Northern Ireland insolvency legislation on avoidance of contracts and floating charges not to apply to financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/12",
      "kind": "regulation",
      "number": "12",
      "heading": "Close-out netting provisions to take effect in accordance with their terms",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/13",
      "kind": "regulation",
      "number": "13",
      "heading": "Financial collateral arrangements to be enforceable where collateral-taker not aware of commencement of winding-up proceedings or reorganisation measures",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/14",
      "kind": "regulation",
      "number": "14",
      "heading": "Modification of the Insolvency (England and Wales) Rules 2016 and the Insolvency Rules (Northern Ireland) 1991",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/15",
      "kind": "regulation",
      "number": "15",
      "heading": "Modification of the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 and the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "regulation/15A",
      "kind": "regulation",
      "number": "15A",
      "heading": "Insolvency proceedings in other jurisdictions",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-15A",
      "extent": null,
      "status": null,
      "parent": "part/3"
    },
    {
      "path": "part/4",
      "kind": "part",
      "number": "4",
      "heading": "Right of use and appropriation",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/16",
      "kind": "regulation",
      "number": "16",
      "heading": "Right of use under a security financial collateral arrangement",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "part/4"
    },
    {
      "path": "regulation/17",
      "kind": "regulation",
      "number": "17",
      "heading": "Appropriation of financial collateral under a security financial collateral arrangement",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-17",
      "extent": null,
      "status": null,
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    },
    {
      "path": "regulation/18",
      "kind": "regulation",
      "number": "18",
      "heading": "Duty to value collateral and account for any difference in value on appropriation",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-18",
      "extent": null,
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    },
    {
      "path": "regulation/18A",
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      "number": "18A",
      "heading": "Restrictions on enforcement of financial collateral arrangements, etc.",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-18A",
      "extent": null,
      "status": null,
      "parent": "part/4"
    },
    {
      "path": "part/5",
      "kind": "part",
      "number": "5",
      "heading": "Conflict of laws",
      "url": null,
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "regulation/19",
      "kind": "regulation",
      "number": "19",
      "heading": "Standard test regarding the applicable law to book entry securities financial collateral arrangements",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-19",
      "extent": null,
      "status": null,
      "parent": "part/5"
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/signature",
      "extent": null,
      "status": null,
      "parent": null
    },
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      "kind": "note",
      "number": null,
      "heading": "Explanatory note",
      "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/note",
      "extent": null,
      "status": null,
      "parent": null
    }
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      "date": "2008-12-04",
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      "type": "revoked",
      "affected_provisions": "Regulations",
      "affecting": "ukpga/2023/29",
      "affecting_title": "Financial Services and Markets Act 2023",
      "affecting_provisions": "Sch. 1 Pt. 2"
    }
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    "source_url": "https://www.legislation.gov.uk/uksi/2003/3226",
    "retrieved_at": "2026-10-29T05:37:07.055603+00:00"
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  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}