281. No formal act required

(1) Other than as set out herein, no formal act shall be necessary for the attachment, perfection or enforcement of a collateral arrangement which is by way of security over collateral to the extent it would otherwise be required under Abu Dhabi Global Market legislation.
(2) Without prejudice to the generality of subsection (1), the following provisions shall not apply (if they would otherwise do so) in relation to a collateral arrangement or any charge created or otherwise arising under a collateral arrangement —
(a) Section 784 (Charges created by a Company) and section 791 (Consequence of failure to deliver charges) of the Companies Regulations 2015;
(b) Section 4 of the Statute of Frauds 1677 (No action on a third party's promise unless in writing and signed); and
(c) Section 152 (Legal assignments of things in action) of the Real Property Regulations 2015.