PART IIIMATCHING AND LOCALISATION

Localisation17

1

Assets held pursuant to regulation 13 above shall be held—

a

if they cover liabilities in sterling, in the European Community;

b

If they cover liabilities in any other currency, in the European Community or in the country of that currency.

2

For the purposes of applying paragraph (1) above to tangible assets and assets consisting of a claim against a debtor or a listed or unlisted investment, the following provisions shall have effect—

a

a tangible asset shall be regarded as held in the place where it is situated;

b

an asset consisting of a claim against a debtor shall be regarded as held in any place where it can be enforced by legal action;

c

an asset consisting of a listed investment shall be regarded as held in any place where—

i

there is a stock exchange (of the kind described in paragraph (a) of the definition of “listed” in regulation 19(1) below) where it is listed; or

ii

there is a regulated market as defined in regulation 19(1) below where it is dealt in;

d

an asset consisting of an unlisted investment issued by an incorporated company shall be regarded as held in the place where the head office of the company is situated.

3

In this regulation—

  • “assets” and “liabilities” have the same meaning as in regulation 13 above;

  • “listed” and “unlisted” have the meaning given in regulation 19(1) below.