Regulation 6 No additional formalities required for creation of a right in security over book entry securities collateral in Scotland
(1)
Where under the law of Scotland an act is required as a condition for transferring, creating or enforcing a right in security over any book entry securities collateral, that requirement shall not apply (if it would otherwise do so).
(2)
For the purposes of paragraph (1) an “act”—
(a)
is any act other than an entry on a register or account maintained by or on behalf of an intermediary which evidences title to the book entry securities collateral;
(b)
includes the entering of the collateral-taker’s name in a company’s register of members.