Paragraph 25

In regulation 3–

(a)

in paragraph (2)–

(i)

for “under” (where first occurring), substitute “in respect of particular units of”;

(ii)

for “instrument is” (wherever occurring), substitute “units are”;

(iii)

for “under the instrument” (where second and third occurring), substitute “in respect of those units”;

(b)

in paragraph (3)–

(i)

for “under”, substitute “in respect of particular units of”;

(ii)

after “specified in the”, insert “terms of the”;

(c)

in paragraph (4), for “under”, substitute “in respect of particular units of”;

(d)

in paragraph (5)–

(i)

for “under”, substitute “in respect of particular units of”;

(ii)

after “specified in” insert, “, or determined in accordance with the terms of,”;

(iii)

in subparagraph (b), for “the instrument”, substitute “those units”;

(e)

after paragraph (8), add–

“(9)

Paragraphs (6) to (8) do not apply in respect of uncertificated units of loan instruments.”.