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Financial Collateral Regulations: Difference between revisions
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{{anat|security}} | {{anat|security}}''Not to be confused with Ireland’s [[Financial Collateral Arrangement Regulations]].''<br> | ||
The United Kingdom [[Financial Collateral Arrangement (No.2) Regulations 2003]] are the UK's implementation of the [[Financial Collateral Directive]], and were the subject of a long disquisition in the [[extended liens]] case. | The United Kingdom [[Financial Collateral Arrangement (No.2) Regulations 2003]] are the UK's implementation of the [[Financial Collateral Directive]], and were the subject of a long disquisition in the [[extended liens]] case. | ||
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===Floating charges - priority=== | ===Floating charges - priority=== | ||
Generally [[floating charge|floating charges]] rank behind [[fixed charge]]s created before they [[crystallise]]. The FCRs do not change this. But conflicts of priority between fixed and floating charges are only likely to arise where the Borrower continues to hold and deal with the charged assets. It it does not, it can’t grant anyone else a fuixed charge either. therefore the presence of a third party custodian holding the assets in question (like, you know, a [[Triparty agent|tri-party agent]]) makes a big practical difference. | Generally [[floating charge|floating charges]] rank behind [[fixed charge]]s created before they [[crystallise]]. The FCRs do not change this. But conflicts of priority between fixed and floating charges are only likely to arise where the Borrower continues to hold and deal with the charged assets. It it does not, it can’t grant anyone else a fuixed charge either. therefore the presence of a third party custodian holding the assets in question (like, you know, a [[Triparty agent|tri-party agent]]) makes a big practical difference. | ||
{{sa}} | {{sa}} | ||