SCHEDULES

F3C1SCHEDULE 2A EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS

Annotations:
Amendments (Textual)
F3

Sch. 2A inserted (15.9.2003) by 2002 c. 40, s. 250(2), 279, Sch. 18 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

Modifications etc. (not altering text)

1Capital market arrangement

1

For the purposes of section 72B an arrangement is a capital market arrangement if—

a

it involves a grant of security to a person holding it as trustee for a person who holds a capital market investment issued by a party to the arrangement, or

F1aa

it involves a grant of security to—

i

a party to the arrangement who issues a capital market investment, or

ii

a person who holds the security as trustee for a party to the arrangement in connection with the issue of a capital market investment, or

ab

it involves a grant of security to a person who holds the security as trustee for a party to the arrangement who agrees to provide finance to another party, or

b

at least one party guarantees the performance of obligations of another party, or

c

at least one party provides security in respect of the performance of obligations of another party, or

d

the arrangement involves an investment of a kind described in articles 83 to 85 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (options, futures and contracts for differences).

2

For the purposes of sub-paragraph (1)—

a

a reference to holding as trustee includes a reference to holding as nominee or agent,

b

a reference to holding for a person who holds a capital market investment includes a reference to holding for a number of persons at least one of whom holds a capital market investment, and

c

a person holds a capital market investment if he has a legal or beneficial interest in itF2; and

d

the reference to the provision of finance includes the provision of an indemnity

3

In section 72B(1) and this paragraph “party” to an arrangement includes a party to an agreement which—

a

forms part of the arrangement,

b

provides for the raising of finance as part of the arrangement, or

c

is necessary for the purposes of implementing the arrangement.