Part 11Manufactured payments and repos
Chapter 1Introduction
570Meaning of “buying back” securities etc
1
This section applies for the purposes of this Part, in the context of a repo.
2
References to buying back securities include references to—
a
buying similar securities, and
b
in the case of a person connected with the person who is the original owner under the repo, buying the securities sold by the original owner or similar securities.
3
Subsection (2) applies even if the person buying the securities has not held them before.
4
References to repurchase or a repurchaser are to be read accordingly.
5
For the purposes of subsection (2) securities are similar if they give their holders—
a
the same rights against the same persons as to capital and distributions, interest and dividends, and
b
the same remedies to enforce those rights.
6
Subsection (5) applies even if there is a difference in—
a
the total nominal amounts of the securities,
b
the form in which they are held, or
c
the manner in which they can be transferred.