Amendment of paragraph 257
1
Paragraph 25 (definition of “UK allocated equity and liabilities”) is amended as follows.
2
In sub-paragraph (1)—
a
in paragraph (a) omit—
i
“(“N”)”; and
ii
“, and N has assets which correspond to those liabilities”; and
b
for paragraph (b) substitute—
b
the bank recognises, as assets, amounts due from that other entity (“N”) to the bank (“N’s liabilities”),
3
In sub-paragraph (3)—
a
for paragraph (b) substitute—
b
references to amounts due from N include securities provided by the relevant foreign bank to N as collateral, but only where the bank recognises those securities in its balance sheet or statement of financial position, and
b
omit paragraph (c) (and the “and” after it); and
c
after paragraph (d) insert—
Section 556 of CTA 2009 (meaning of securities and similar securities) applies for the purposes of this sub-paragraph as it applies for the purposes of Chapter 10 of Part 6 of that Act.
4
Omit sub-paragraph (4).