Section 255(4)

The regulations may, in particular— disapply or modify an enactment or rule of law about formalities or evidence, disapply or modify an enactment about insolvency, administration, receivership or any similar procedure, disapply or modify an enactment about property law, disapply or modify an enactment about companies or other commercial entities or groupings, provide for provisions of financial collateral arrangements to have effect despite a reorganisation, winding-up or other process affecting a party to the arrangements, make provision for the enforcement of financial collateral arrangements (which may include, in particular, provision— about sale, appropriation and set-off, about the use of collateral while subject to the arrangements, about “close out netting arrangements”, under which obligations under a number of contracts may be set off against each other in the event of default under a specified contract, permitting a person to foreclose or exercise another right under the arrangements with or without an order of a court, permitting or requiring the disclosure of information, and for enforcement after the commencement of, and despite, reorganisation, winding-up or another process), make provision for the choice of law according to which, or under which, matters arising under financial collateral arrangements are to be determined, and apply to persons whether or not provisions of the Financial Collateral Arrangements (No. 2) Regulations 2003 apply to them.

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Source: legislation.gov.uk · retrieved 2026-09-04