# The Financial Collateral Arrangements (No.2) Regulations 2003, 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.

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Source: https://www.legislation.gov.uk/uksi/2003/3226/regulation/6 (the official version)
Page: https://openlegislation.uk/financial-collateral-arrangements-no2-regulations-2003/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.