{
  "url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011/regulation-10E",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011/regulation-10E.json",
  "legislation": "uksi/2011/245",
  "legislation_title": "The Investment Bank Special Administration Regulations 2011",
  "legislation_url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011",
  "path": "regulation/10E",
  "kind": "regulation",
  "number": "10E",
  "heading": "Restrictions on partial property transfers—security interests",
  "text": "(1) Subject to paragraph (6), paragraphs (3), (4) and (5) apply where under any binding arrangement one party owes to the other a liability which is secured against any property or rights.\n(2) For these purposes it is immaterial whether or not—\n(a) the liability is secured against all or substantially all of the property or rights of a person;\n(b) the liability is secured against specified property or rights; or\n(c) the property or rights against which the liability is secured are owned by the person who owes the liability.\n(3) A partial property transfer may not transfer the property or rights against which the liability is secured unless that liability and the benefit of the security are also transferred.\n(4) A partial property transfer may not transfer the benefit of the security unless the liability which is secured is also transferred.\n(5) A partial property transfer may not transfer the liability unless the benefit of the security is also transferred.\n(6) Paragraphs (3), (4) and (5) do not apply if the investment bank entered into the binding arrangement in contravention of a rule prohibiting such arrangements made by the FCA or the PRA under FSMA or otherwise than in accordance with the investment bank’s Part 4A permission (within the meaning given by section 55A(5) of FSMA).\n(7) For the purposes of paragraphs (3), (4) and (5), a partial property transfer which purports to transfer any property, rights and liabilities is to be treated as having done so effectively (and not in contravention of any of those paragraphs) notwithstanding the possibility that any of that property, or of those rights or liabilities, is foreign property and might not have been effectively transferred by the arrangement.\n(8) In this regulation “partial property transfer” has the same meaning as in regulation 10B(13).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regs. 10B-10G inserted (6.4.2017) by The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (S.I. 2017/443), regs. 1, 8 (with reg. 17)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/245/regulation/10E",
    "retrieved_at": "2026-10-29T02:18:26.781233+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."
}