{
  "url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-18",
  "json_url": "https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-18.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/18",
  "kind": "regulation",
  "number": "18",
  "heading": "Duty to value collateral and account for any difference in value on appropriation",
  "text": "(1) Where a collateral-taker exercises a power contained in a security financial collateral arrangement to appropriate the financial collateral the collateral-taker must value the financial collateral in accordance with the terms of the arrangement and in any event in a commercially reasonable manner.\n(2) Where a collateral-taker exercises such a power and the value of the financial collateral appropriated differs from the amount of the relevant financial obligations, then as the case may be, either—\n(a) the collateral-taker must account to the collateral-provider for the amount by which the value of the financial collateral exceeds the relevant financial obligations; or\n(b) the collateral-provider will remain liable to the collateral-taker for any amount whereby the value of the financial collateral is less than the relevant financial obligations.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2003/3226/regulation/18",
    "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."
}