278. Pre-emption and confirmation of disapplication of certain provisions of these Regulations to netting agreements
(1) No stay, injunction, avoidance, moratorium, or similar proceeding or order, whether issued or granted by a Court, administrative agency, Office-holder or otherwise, shall limit or delay application of otherwise enforceable netting agreements and transactions entered into thereunder or pursuant thereto or to which an otherwise enforceable netting agreement applies.
(2) Without prejudice to the foregoing provisions of this Chapter 2 (Netting) —
(a) in relation to winding-up proceedings of an insolvent party to a netting agreement, Section 209(2) (Consequences of winding-up order) shall not apply (if it would otherwise do so) —
(i) to any property or security subject to a disposition or transfer or created or otherwise arising under a netting agreement; or
(ii) to prevent a netting under a netting agreement taking effect in accordance with its terms;
(b) Section 196 (Avoidance of share transfers after winding-up resolution) shall not apply (if it would otherwise do so) to any transfer of shares under a netting agreement;
(c) Section 218 (Power to disclaim onerous property) shall not apply to a netting agreement where an insolvent party to such netting agreement is subject to winding-up proceedings;
(d) paragraphs 24 (Administration: mutual dealings and set-off) and 25 (Winding-up: mutual dealings and set-off) of Schedule 5 (Proofs and Distribution) shall not apply (if they would otherwise do so) to prevent a netting under a netting agreement taking effect in accordance with its terms;
(e) the following Sections shall not apply to any security created or otherwise arising under a collateral arrangement —
(i) Section 45(2) (Moratorium on other legal process) including that provision as applied by Section 46 (Interim moratorium);
(ii) Section 79(2) (Court may limit rights);
(iii) Section 96(2) (Distribution);
(v) Section 143(3) and (4) (Vacation of office: charges and liabilities); and
(f) Section 43(2) (Dismissal of administrative or other receiver) shall not apply to a receiver appointed under a charge created or otherwise arising under a collateral arrangement.