# The Taxation of Securitisation Companies Regulations 2006, Regulation 5: Meaning of “note-issuing company”


(1) For the purposes of these Regulations a “note-issuing company” means a company that meets conditions A to D.
(2) Condition A is that the company is within section 84(2)(a) of the Finance Act 2005.
(3) Condition B is that the securities that represent the capital market investment referred to in section 84(2)(a)(ii) of that Act are issued wholly or mainly to independent persons.
(4) Condition C is that the total value of the capital market investments made under the capital market arrangement referred to in section 84(2)(a)(iii) of that Act is at least £10 million.
(5) Condition D is that the company’s only business apart from the activity mentioned in section 84(2)(a)(i) of that Act (being party as debtor to a capital market investment), and apart from any incidental activities, consists in one or both of the following activities—
(a) acquiring, holding and managing financial assets forming the whole or part of the security for the capital market arrangement; or
(b) acting as guarantor in respect of loan relationships, derivative contracts, finance leases or other liabilities of other companies where the whole, or substantially the whole, of the company’s rights in respect of the guarantee (including any right of subrogation) form the whole or part of the security for the capital market arrangement.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110753275/regulation/5 (the official version)
Page: https://openlegislation.uk/draft-taxation-of-securitisation-companies-regulations-2006/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.