Regulation 3 Amendments to the principal Regulations

before the definition of “Board” there shall be inserted the following definitions—

• ““approved agent” means a person who, at the time when the arrangement mentioned in subsection (1) is made, is approved as an agent by the Board for the purposes of these Regulations;

• “approved lender” means a person who, at the time when the arrangement mentioned in subsection (1) is made, is approved as a lender by the Board for the purposes of these Regulations;

• “approved nominee” means a person who, at the time when the arrangement mentioned in subsection (1) is made, is approved as a nominee by the Board for the purposes of these Regulations;

• “approved stock borrowing and lending intermediary” means a person who, at the time when the arrangement mentioned in subsection (1) is made—

  1. (a)

     is—

     1. (i)

        a member of the Stock Exchange, and

     2. (ii)

        a stock borrowing and lending intermediary within the rules of the Stock Exchange acting in that capacity in connection with the arrangement; and

  2. (b)

     is approved as a stock borrowing and lending intermediary by the Board for the purposes of these Regulations;”;

after the definition of “Board of directors”^f1 there shall be inserted the following definition—

• ““first borrower” in relation to a chain of arrangements means the person referred to as A in the principal section;”;

for the definition of “gilt-edged securities”^f2 there shall be substituted the following definitions—

• ““gilt-edged securities” has the meaning given by section 51A (7) of the Taxes Act 1988^f3;

• “last lender” in relation to a chain of arrangements means the lender at the end of a chain of arrangements that commences with the arrangement between the persons referred to as A and B in the principal section;”;

in the definition of “section 271 (9)”^f4 for the words “Taxation of Chargeable Gains Act 1992” there shall be substituted the words “1992 Act”;

after the definition of “the Taxes Act 1988” there shall be inserted the following definition—

• ““the 1992 Act” means the Taxation of Chargeable Gains Act 1992^f5;”.