Regulation 18A Restrictions on enforcement of financial collateral arrangements, etc.F1
Nothing in regulations 16 and 17 prevents the Bank of England imposing a restriction—
on the enforcement of financial collateral arrangements, or
on the effect of a security financial collateral arrangement, close out netting provision or set-off arrangement,
in the exercise of its powers under Part 1 of the Banking Act 2009 F2or under Schedule 11 to the Financial Services and Markets Act 2023.
For the purpose of paragraph (1) “set-off arrangement” F3means an arrangement under which two or more debts, claims or obligations can be set off against each other.
Annotations
Textual amendments
- F1
Reg. 18A inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 9(4)
- F2
Words in reg. 18A(1) inserted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 16(4)
- F3
Words in reg. 18A(2) substituted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 12(4) (with reg. 21) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 23(b) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)