A. INTRODUCTION Repos and the policy background B. THE DIRECTIVE AND ITS TRANSPOSITION (1) The scope of the Directive as to transaction (2) The scope of the Directive ratione personarum (3) The UK Regulations (4) The scope of the Regulations ratione personarum C. THE WORDING OF THE DIRECTIVE (1) TTFCA and SFCA (2) “Ownership” (3) Recharacterisation risk: are repos secured transactions? (4) Meaning of “security interest” D. THE WORDING OF THE REGULATIONS (1) TTFCA and SFCA in the Regulations (2) Security interests and rights in security E. THE TTFCA /SFCA DISTINCTION (1) TTFCA recognition (2) SFCA recognition (3) English law (4) “Formal acts” not required (5) “Provision” (1) SFCAs only? (6) “Provision” (2) meaning (7) The last sentence of Recital 10 (8) Floating Charges (9) Formal act: enforceability