PART 6Exceptions and licences

F1Exceptions relating to loans and credit arrangements31A.

(1)

The prohibitions in regulation 15B (loans and credit arrangements) are not contravened by the grant of—

F2(a)

a relevant loan that has a specific and documented objective of making emergency funds available to meet applicable solvency or liquidity criteria for a relevant subsidiary;

(b)

a relevant loan consisting of a drawdown or disbursement made under an arrangement entered into before—

(i)

in the case of a category A loan, the date on which the Amendment Regulations 2021 came into force;

(ii)

in the case of a category B loan or a category C loan, the date on which the Amendment Regulations 2022 came into force,

where the conditions in paragraph (2) are met.

(2)

The conditions referred to in F3paragraph (1)(c) are that—

(a)

all the terms and conditions of such drawdowns or disbursements—

F4(i)

were agreed before—

(aa)

in the case of a category A loan, the date on which the Amendment Regulations 2021 came into force, or

(bb)

in the case of a category B loan or a category C loan, the date on which the Amendment Regulations 2022 came into force;

(ii)

have not been modified on or after that date; and

(b)

a contractual maturity date has been fixed for the repayment in full of all funds made available and for the cancellation of all the rights and obligations under the arrangement.

F5(3)

In this regulation—

(a)

“category A loan”, “category B loan” , “category C loan” and “relevant loan” have the meanings given to them in regulation 15B;

(b)

“relevant subsidiary” means a person, other than an individual, which is—

(i)

incorporated or constituted under the law of any part of the United Kingdom, and

(ii)

majority owned (within the meaning of regulation 15D(3)) by a person, other than an individual, that is connected with Belarus.