§ 22 — Entity subject to MSR

22.—(1) An entity is subject to a minimum stockholding requirement in relation to an MSR product if —(a)

the minimum stockholding requirement has been triggered for the entity in relation to the MSR product because of section 23; and

(b)

the entity has not ceased to be subject to the minimum stockholding requirement in relation to the MSR product because of section 24.

(2) An entity is also subject to a minimum stockholding requirement in relation to an MSR product if —(a)

a determination is made under section 27 that —(i)

the entity has assumed another entity’s minimum stockholding requirement in relation to the MSR product; or

(ii)

another entity’s minimum stockholding requirement in relation to the MSR product has been divided with the entity; and

(b)

the entity has not ceased to be subject to the minimum stockholding requirement in relation to the MSR product because of section 24.

—(1) An entity is subject to a minimum stockholding requirement in relation to an MSR product if —(a)

the minimum stockholding requirement has been triggered for the entity in relation to the MSR product because of section 23; and

(b)

the entity has not ceased to be subject to the minimum stockholding requirement in relation to the MSR product because of section 24.

(2) An entity is also subject to a minimum stockholding requirement in relation to an MSR product if —(a)

a determination is made under section 27 that —(i)

the entity has assumed another entity’s minimum stockholding requirement in relation to the MSR product; or

(ii)

another entity’s minimum stockholding requirement in relation to the MSR product has been divided with the entity; and

(b)

the entity has not ceased to be subject to the minimum stockholding requirement in relation to the MSR product because of section 24.