The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023
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Change 1
4 Secured liabilities
(1) Paragraph (2) applies where an arrangement has been entered into under which one party owes a liability to the other and that liability is secured against property or rights; and it is immaterial that— (a) the liability is secured against all or substantially all of the property or rights of a person; (b) the liability is secured against specified property or rights; or (c) the property or rights against which the liability is secured are not owned by the person who owes the liability. (2) A partial property transfer to which this Part applies may not— (a) transfer the property or rights against which the liability is secured unless that liability and the benefit of the security are also transferred; (b) transfer the benefit of the security unless the liability which is secured is also transferred; (c) transfer the liability unless the benefit of the security is also transferred; (d) include provision under the continuity powers which terminates or modifies the arrangement if the effect of that provision is to provide that the liability is no longer secured against the property or rights. (3) For the purposes of paragraph (2), a property transfer instrument which purports to transfer any property, rights or liabilities must be treated as having done so effectively (and so not give rise to a contravention of paragraph (2)), despite the possibility that any of the property, rights or liabilities are foreign property and may not have been effectively transferred by the property transfer instrument or by virtue of steps taken under paragraph 62 of the Schedule. (4) Paragraph (2) does not apply if the arrangement has been entered into by the CCP in contravention of any requirement set out in regulations made pursuant to section 286(1) of the Financial Services and Markets Act 2000 or any rules made pursuant to sections 286(4F) or 300F of that Act.
4 Secured liabilities
(1) Paragraph (2) applies where an arrangement has been entered into under which one party owes a liability to the other and that liability is secured against property or rights; and it is immaterial that— (a) the liability is secured against all or substantially all of the property or rights of a person; (b) the liability is secured against specified property or rights; or (c) the property or rights against which the liability is secured are not owned by the person who owes the liability. (2) A partial property transfer to which this Part applies may not— (a) transfer the property or rights against which the liability is secured unless that liability and the benefit of the security are also transferred; (b) transfer the benefit of the security unless the liability which is secured is also transferred; (c) transfer the liability unless the benefit of the security is also transferred; (d) include provision under the continuity powers which terminates or modifies the arrangement if the effect of that provision is to provide that the liability is no longer secured against the property or rights. (3) For the purposes of paragraph (2), a property transfer instrument which purports to transfer any property, rights or liabilities must be treated as having done so effectively (and so not give rise to a contravention of paragraph (2)), despite the possibility that any of the property, rights or liabilities are foreign property and may not have been effectively transferred by the property transfer instrument or by virtue of steps taken under paragraph 62 of the Schedule. (4) Paragraph (2) does not apply if the arrangement has been entered into by the CCP in contravention of any requirement set out in regulations made pursuant to section 286(1) of the Financial Services and Markets Act 2000 or any rules made pursuant to sections 286(4F) or 300F of that Act.
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