{
  "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-17",
  "json_url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-17.json",
  "legislation": "uksi/2003/3226",
  "legislation_title": "The Financial Collateral Arrangements (No.2) Regulations 2003",
  "legislation_url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003",
  "path": "regulation/17",
  "kind": "regulation",
  "number": "17",
  "heading": "Appropriation of financial collateral under a security financial collateral arrangement",
  "text": "(1) Where a security interest is created or arises under a security financial collateral arrangement on terms that include a power for the collateral-taker to appropriate the financial collateral, the collateral-taker may exercise that power in accordance with the terms of the security financial collateral arrangement, without any order for foreclosure from the courts (and whether or not the remedy of foreclosure would be available).\n(2) Upon the exercise by the collateral-taker of the power to appropriate the financial collateral, the equity of redemption of the collateral-provider shall be extinguished and all legal and beneficial interest of the collateral-provider in the financial collateral shall vest in the collateral taker.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 17 substituted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 4(15) (with reg. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2003/3226/regulation/17",
    "retrieved_at": "2026-10-29T05:37:07.055603+00:00"
  },
  "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."
}