32U.K.In section 440A(2) (securities)—
(a)in paragraph (a), for sub-paragraphs (i) to (iii) substitute—
“(i)basic life assurance and general annuity business, or
(ii)gross roll-up business,”,
(b)omit paragraph (c), and
(c)in paragraph (d)—
(i)for “any of the preceding paragraphs” substitute “ paragraph (a) ”, and
(ii)for “any of the descriptions mentioned in those paragraphs” substitute “ the description mentioned in that paragraph ”.