Regulation 10 Listed investments

In regulation 53 of the 1994 Regulations (listed investments), after paragraph (3) add—

“(4)

The value of any listed debenture which (wholly or in part) has the effect of a derivative contract to which regulation 55(3) below does not apply shall not exceed an amount which would reasonably be paid by way of consideration for an immediate assignment of the unconditional right (if any) to receive a specified amount under the terms of the debenture.”