Division (iii) With the approval of SoFFin and after consultation with and approval of the Commission, the following items are not excluded:
United Kingdom
- (a)
the exercising of cancellation rights or any other payback or termination of other own capital instruments due to the expiry of recognition of the instrument in question as a component of the own capital category of HRE or of an entity subject to registration for which it was created;
- (b)
replacing an existing other own capital instrument with a new instrument of at least the same own capital category, level and duration, although replacing an other own capital instrument with the SoFFin own capital instruments is not permitted; and
- (c)
repurchase of other own capital instruments at significantly less than the issue price.