Regulation 6 Securities and beneficial interests in limited partnerships

Regulation 51 of the 1994 Regulations^f1 (securities and beneficial interests in limited partnerships) shall be amended as follows.

For paragraph (1), substitute—

“(1)

Subject to paragraph (1A) below, this regulation applies to the valuation of investments comprising securities and beneficial interests in limited partnerships and, for the purposes of paragraph (5) below, investments includes loans.”.

After paragraph (1), insert—

“(1A)

This regulation shall not apply to the valuation of securities which are—

(a)

derivative contracts;

(b)

investments in dependants;

(c)

units or other beneficial interests in collective investment schemes, except as provided in regulation 52(2) below; or

(d)

contracts or assets having the effect of derivative contracts, except as provided in regulation 56(4) below.”.

In paragraph (4)(b), for the words “not greater” substitute “equal to or greater”.