SCHEDULE 17International movement of capital
Part 2Reporting requirement
Excluded transactions
9
(1)
For the purposes of this Schedule a transaction is “excluded” if—
(a)
it is carried out in the ordinary course of a trade,
(b)
all the parties to the transaction are, at the time the transaction is carried out, resident in the same territory,
(c)
it consists in giving to the bankers of a foreign subsidiary any security for the payment of any sum due or to become due from it to them by reason of any transaction entered into with it by them in the ordinary course of their business as bankers,
(d)
it consists in a foreign subsidiary giving to an insurance company any security for the payment of any sum due or to become due from that subsidiary to that company by reason of any transaction entered into with that subsidiary by that company in the ordinary course of that company's business by way of investment of its funds, or
(e)
it is of a description specified in regulations made by the Commissioners.
(2)
Regulations under sub-paragraph (1)(e)—
(a)
may make provision by reference to standards or other documents issued by any person, and
(b)
may make different provision for different cases or purposes.