# The Individual Savings Account (Amendment No. 2) Regulations 2016, Regulation 14: Amendment of the Individual Savings Account Regulations 1998

Extent: E+W+S+N.I.

In regulation 12(3) (conditions for application to open an account that is not a junior ISA account)—
(a) in sub-paragraph (a), for “or cash account” substitute “, cash account or innovative finance account”;
(b) in sub-paragraph (d), for “5D(2)(a)(i), (iia), (iv) or (v)” substitute”5D(2)(a)(iia) or (iv)”;
(c) in sub-paragraph (e), for “5D(2)(a)(iia) or (iv)” substitute “5D(2)(a)(i), (iia), (iv) or (v)”; and
(d) after sub-paragraph (e), insert—
“(fa) in the case of an innovative finance account, except for a subscription made in accordance with regulation 5D(2)(a), (iia) or (iv), the applicant—
(i) has not subscribed, and will not subscribe, to any other innovative finance account, in the year to which paragraph (2) refers, and
(ii) will not subscribe to any other innovative finance account, in each successive year following that year in which the declaration has effect;”.

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Source: https://www.legislation.gov.uk/uksi/2016/364/regulation/14 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-2-regulations-2016/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.