Regulation 5 Amendments to the principal Regulations

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

“(a)

where the designated company is incorporated in the United Kingdom and is neither an investment trust nor a venture capital trust, ordinary shares issued by that company which are officially listed on a recognised stock exchange in a member State, or dealt in on the Unlisted Securities Market, and ordinary shares satisfying that description or qualifying EC shares which represent those shares;”

in sub-paragraph (b) for the word “representing” there shall be substituted the words “satisfying the description in sub-paragraph (a) which represent”;

for sub-paragraph (c) there shall be substituted—

“(c)

investments in units comprising ordinary shares in the designated company (being a company which is incorporated in the United Kingdom and is neither an investment trust nor a venture capital trust) which satisfy the description in sub-paragraph (a), or qualifying EC shares in the designated company (being a company which satisfies the conditions in regulation 6(2A)(b)), which are paired with—

(i)

ordinary shares in another company (being a company which is incorporated in the United Kingdom and is neither an investment trust nor a venture capital trust) which satisfy the description in sub-paragraph (a), or

(ii)

qualifying EC shares in another company which satisfies the conditions specified in regulation 6(2A)(b);”.