Regulation 6 Loans and credit arrangements

at the appropriate place insert—

• ““category 1 loan” means a loan or credit—

  1. (a)

     with a maturity exceeding 30 days,

  2. (b)

     made or granted to—

     1. (i)

        a person falling within Schedule 2,

     2. (ii)

        a person, other than an individual, which is—

        1. (aa)

           incorporated or constituted under the law of a non-UK country, and

        2. (bb)

           owned (within the meaning of regulation 16(7)) by a person within paragraph (i), or

     3. (iii)

        a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii), and

  3. (c)

     which is first made or granted at any time after IP completion day;

• “category 2 loan” means a loan or credit—

  1. (a)

     with a maturity exceeding 30 days,

  2. (b)

     made or granted to a person, other than an individual, which is—

     1. (i)

        incorporated or constituted under the law of any part of the United Kingdom, and

     2. (ii)

        owned (within the meaning of regulation 16(7)) by a person falling within Schedule 2, and

  3. (c)

     which is first made or granted at any time on or after 1st March 2022;

• “category 3 loan” means a loan or credit—

  1. (a)

     with a maturity exceeding 30 days,

  2. (b)

     made or granted to a person, other than an individual, which is—

     1. (i)

        connected with Russia,

     2. (ii)

        owned (within the meaning of regulation 16(7)) by a person within sub-paragraph (i), or

     3. (iii)

        a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii),

  3. (c)

     which is first made or granted at any time on or after 1st March 2022, and

  4. (d)

     which is not—

     1. (i)

        a category 1 loan, a category 2 loan or a category 4 loan, or

     2. (ii)

        a loan made or granted to—

        1. (aa)

           a person, other than an individual, which on 1st March 2022 is domiciled in a country other than Russia,

        2. (bb)

           a person, other than an individual, which is owned by a person falling within sub-paragraph (aa), or

        3. (cc)

           a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (aa) or sub-paragraph (bb);

• “category 4 loan” means a loan or credit—

  1. (a)

     made or granted to the Government of Russia,

  2. (b)

     which is first made or granted at any time on or after 1st March 2022;”

for the definition of “relevant loan” substitute—

• ““relevant loan” means a category 1 loan, a category 2 loan, a category 3 loan or a category 4 loan;”;

omit the definition of “relevant person”.