{
  "url": "https://openlegislation.uk/qualifying-private-placement-regulations-2015/regulation-3",
  "json_url": "https://openlegislation.uk/qualifying-private-placement-regulations-2015/regulation-3.json",
  "legislation": "uksi/2015/2002",
  "legislation_title": "The Qualifying Private Placement Regulations 2015",
  "legislation_url": "https://openlegislation.uk/qualifying-private-placement-regulations-2015",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Relevant securities which are qualifying private placements",
  "text": "(1) A relevant security which meets the debtor and listing conditions is a qualifying private placement if—\n(a) the conditions specified in regulation 4 are met;\n(b) subject to paragraph (2), the relevant debtor holds a creditor certificate for each creditor;\n(c) the relevant security was entered into by the relevant debtor for genuine commercial reasons, and not as part of a tax advantage scheme; and\n(d) the relevant debtor reasonably believes that the relevant debtor is not a connected person in respect of each creditor.\n(2) Paragraph (1)(b) does not include a creditor certificate which is a cancelled or a withdrawn certificate.\n(3) In this regulation—\n(a) “connected person” is to be determined in accordance with section 993 of ITA 2007 but any rights that a person has as a loan creditor are to be disregarded for the purposes of section 450(3)(d) of CTA 2010; and\n(b) “the debtor and listing conditions” are the conditions specified in paragraphs (a) and (b) of section 888A(2) of ITA 2007.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "By section 994 of ITA 2007, in section 993 “control” is to be read in accordance with sections 450 and 451 of CTA 2010."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/2002/regulation/3",
    "retrieved_at": "2026-10-28T23:29:26.941420+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}