Paragraph 26

In regulation 4–

(a)

in paragraph (1)–

(i)

for “loan instrument”, substitute “uncertificated units of a loan instrument (other than a loan instrument which is an eligible debt security within paragraph (a) of the definition of “eligible debt security” in regulation 3(1) of the 2001 Regulations)”;

(ii)

in subparagraph (a), for “the instrument is”, substitute “those units are”;

(iii)

in subparagraph (c)–

(aa)

for “under the instrument”, substitute “in respect of those units”;

(bb)

for “issue of the instrument”, substitute “issue of those units”;

(b)

in paragraph (2), for “a loan instrument”, substitute “uncertificated units of a loan instrument”.