Regulation 10 Amendment of the Loan Relationship and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004

(1)

The Loan Relationship and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004^f1 are amended as follows.

(2)

In regulation 2(1)—

(a)

omit the definition of “Additional Tier 1 instrument”, and

(b)

in the appropriate place insert—

““regulatory capital security” has the meaning given in regulation 2 of the Taxation of Regulatory Capital Securities Regulations 2013;”.

(3)

In regulations 3(5)(c) and 4(4A)(c) for “an Additional Tier 1 instrument” substitute “a regulatory capital security”.

(4)

In regulation 6, in paragraphs (5A) and (5C)—

(a)

at the end of sub-paragraph (a), in both cases, omit “or”, and

(b)

at the end of both paragraphs insert—

“, or

(c)
where the hedged item is a regulatory capital security in relation to which the company uses fair value accounting.”.

Annotations

Footnotes

f1: S.I. 2004/3256, relevantly amended by S.I. 2005/2012, 2005/3374, 2006/3236 and 2013/2781.