Payment or benefit received by interim holder on euroconversion
15.—(1) This regulation applies in a case where—
(a)there is an arrangement for the sale and repurchase of securities to which section 263A(1) of the 1992 Act applies,
(b)a capital payment, but for the arrangement, would be received by the original owner on the euroconversion of those securities,
(c)the interim holder is not required under the arrangement to pay to the original owner an amount representative of that capital payment, and an amount representative of that capital payment is not required under the arrangement to be taken into account in computing the repurchase price of the securities, and
(d)the amount of the capital payment would not exceed 500 euros.
(2) The interim holder shall not be regarded, for the purposes of section 263A of the 1992 Act, as receiving a benefit under subsection (3)(b) of that section equal to the amount of the capital payment.