Key provisions of the financial collateral regulations
Key provisions of the financial collateral regulations

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Key provisions of the financial collateral regulations
  • Brexit impact
  • Rationale
  • Application
  • Easier creation/registration of security
  • Disapplication of insolvency law
  • Administration
  • Liquidation
  • Liquidations or re-organisations
  • Enforcement of security over shares
  • more

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.

The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 have an impact. For further details see Practice Note: Impact of Brexit: BRRD—quick guide.

The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019, SI 2019/341 was made on 21 February 2019 to address the deficiencies which arise from the withdrawal of the UK from the EU by amending legislation. This legislation is partly in force from 22 February 2019 and fully in force on exit date (as defined in the European Union (Withdrawal) Act 2018, s 20(1)–(5))—see: LNB News 14/12/2018 98.

The main impact is to:

  1. amend the