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Creation of certain security interests by sub-account holders and depository agents under common law not precluded

Securities and Futures (Central Depository System) Regulations 2015

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—(1) Nothing in section 81SS of the Act or these Regulations is to be construed as precluding —(a)a sub‑account holder from creating under any rule of law any security interest in book‑entry securities in favour of —(i)any other sub‑account holder who maintains a sub‑account for such book‑entry securities with the same depository agent as the sub‑account holder; or(ii)the depository agent with whom the sub‑account holder maintains the sub‑account for such book‑entry securities; or(b)a depository agent from creating under any rule of law any security interest in book‑entry securities in favour of the depository agent itself.(2) Despite paragraph (1), the Depository is not required to recognise, even when having notice of the creation of any security interest referred to in paragraph (1)(a) or (b), the security interest so created in such book‑entry securities.(3) A security interest created in book‑entry securities pursuant to an instrument of assignment or charge in the relevant form has priority over such security interest created under any rule of law.

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