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Secured liabilities in relation to reverse transfer and onward transfer

Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024

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—(1) This regulation applies where, under a contract to which a transferee is a party, one party owes to the other a liability that is secured against any property or rights.(2) A reverse transfer under section 70 of the Act of a part (but not the whole) of the business of a transferor that was transferred to a transferee under a certificate of transfer must not provide for —(a)the transfer of the liability without the benefit of the security;(b)the transfer of the benefit of the security without the liability; or(c)the transfer of the property or rights without the liability and benefit of the security.(3) An onward transfer under section 72 of the Act of a part (but not the whole) of the business of a transferor that was transferred to a transferee under a certificate of transfer must not provide for —(a)the transfer of the liability without the benefit of the security;(b)the transfer of the benefit of the security without the liability; or(c)the transfer of the property or rights without the liability and benefit of the security.(4) For the purposes of paragraph (1), it is immaterial —(a)whether or not the liability is secured against all, or substantially all, of the properties and rights of the transferee;(b)whether or not the liability is secured against specified properties or rights; and(c)whether or not the property or rights against which the liability is secured is or are owned by the person who owes the liability.

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