Elgar Financial Law and Practice series
Chapter 23: SCOTTISH LAW PERSPECTIVE ON THE FINANCIAL COLLATERAL REGULATIONS AND THEIR APPLICATION
Scotland retained its separate legal system following the union of the Scottish and English Parliaments in 1707. The pre-existing Scottish common law and legislation accordingly continued to apply in Scotland and separate Scottish legislation has since often been passed by the UK Parliament. The UK Parliament has also often passed legislation applicable throughout the UK with, or without, specific provisions within such legislation being applicable only in Scotland, England, Wales or Northern Ireland. The House of Lords and then the UK Supreme Court as ultimate civil appeal court for the constituent jurisdictions of the UK have to some extent harmonised laws applicable within those jurisdictions, particularly where given legislation is applicable in more than one of those jurisdictions. European Union law is applicable in Scotland as it is in the other UK jurisdictions, either direct or through implementation by domestic legislation. A new Scottish Parliament with legislative powers devolved from the UK Parliament was established in 1999. Devolved powers include general power to legislate regarding the transfer of and security over property and powers reserved to the UK Parliament include powers to legislate regarding most corporate insolvency issues and regarding many issues impacting on financial markets. Following the vote against full independence of Scotland from the rest of the UK at the referendum held in Scotland on 18 September 2014, it is intended that further powers will be devolved to the Scottish parliament, although it seems unlikely that powers relating directly to financial markets will be so devolved.
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