SCHEDULE 2Transitionals and savings
Part 12Manufactured payments and repos
Powers to modify repo provisions
124
(1)
This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 612) there is a repo in respect of the securities.
(2)
This paragraph also applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 613) the case involves redemption arrangements.
(3)
Section 569 applies with these modifications.
(4)
“(2)
Condition A is that a person (“the original owner”) has sold the securities to another person (“the interim owner”) under an agreement.”
(5)
“(4)
Condition C is that the original owner or a person connected with the original owner—
(a)
is required to buy back the securities by the agreement or a related agreement, or
(b)
acquires, under the agreement or a related agreement, an option to buy back the securities.”