# The Qualifying Private Placement Regulations 2015, Regulation 3: Relevant securities which are qualifying private placements


(1) A relevant security which meets the debtor and listing conditions is a qualifying private placement if—
(a) the conditions specified in regulation 4 are met;
(b) subject to paragraph (2), the relevant debtor holds a creditor certificate for each creditor;
(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
(d) the relevant debtor reasonably believes that the relevant debtor is not a connected person in respect of each creditor.
(2) Paragraph (1)(b) does not include a creditor certificate which is a cancelled or a withdrawn certificate.
(3) In this regulation—
(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
(b) “the debtor and listing conditions” are the conditions specified in paragraphs (a) and (b) of section 888A(2) of ITA 2007.

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Source: https://www.legislation.gov.uk/uksi/2015/2002/regulation/3 (the official version)
Page: https://openlegislation.uk/qualifying-private-placement-regulations-2015/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.