OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend regulation 31 of the Friendly Societies (Insurance Business) Regulations 1994 (as substituted by the Friendly Societies (Insurance Business) Amendment Regulations 1996). Regulation 31(3)(a) is amended so that, for the purposes of the Regulations, a contract or asset which is not a listed security does not have the effect of a derivative contract by reason only that it provides for the unconditional delivery of, or payment for, assets within a period beginning on the date of the contract and extending for not more than 20 working days.