Regulation 7 Amendments to the principal Regulations

in paragraph (1) for sub-paragraphs (a) and (b) there shall be substituted—

“(a)

that, subject to sub-paragraph (2) below, the person referred to as A in the principal section is an approved borrower or is both an approved borrower and an approved stock borrowing and lending intermediary;

(b)

that the person referred to as B in the principal section—

(i)

is an approved stock borrowing and lending intermediary, or

(ii)

where A is both an approved borrower and an approved stock borrowing and lending intermediary, is an approved lender, and any person acting for B in connection with the arrangement as an agent or nominee is an approved agent or, as the case may be, an approved nominee;”;

in paragraph (3) for sub-paragraph (a) there shall be substituted—

“(a)

that B is an approved stock borrowing and lending intermediary, and accordingly the case is not one to which paragraph (1) (b) (ii) above applies;”;

in paragraph (4) the definitions of “approved agent” and “approved nominee”^f1, and the definitions of “approved lender” and “approved moneybroker”, shall be omitted.