Amendments to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 20042

1

The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 20042 are amended as follows.

2

In regulation 2(1), at the appropriate places insert—

  • “Additional Tier 1 instrument” means an instrument which qualifies as an Additional Tier 1 instrument under Article 52 of the Commission Regulation (EU) No 575/20133;

  • “deferred shares” has the same meaning as in the Building Societies Act 19864;

3

In regulations 3(5) and 4(4A), for “of any share capital of the company” substitute—

of—

a

any share capital of the company,

b

in relation to a building society, any deferred shares issued by the building society to the extent that they are accounted for as equity instruments in accordance with generally accepted accounting practice, or

c

any Additional Tier 1 instrument issued by the company to the extent that it is accounted for as an equity instrument in accordance with generally accepted accounting practice.