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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend the Taxation of Securitisation Companies Regulations 2004 (S.I. 2006/3296: “the Principal Regulations”).

Regulation 1 provides for citation, commencement and effect. Authority for the limited retrospective effect is given by section 84(5)(b) of the Finance Act 2005 (c. 7).

Regulation 2 amends the Principal Regulations as follows.

Paragraph (2) amends regulation 2 (interpretation) to include a definition of “insurance special purpose vehicle”.

Paragraph (3) amends regulation 5 (meaning of “note-issuing company”) to allow a note-issuing company to be a party to a creditor relationship with an insurance special purpose vehicle.

Paragraph (4) amends regulation 7 (meaning of “intermediate borrowing company”) to allow a company to be an intermediate borrowing company if it has a creditor relationship with an insurance special purpose vehicle.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.