The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2013

• Citation: S.I. 2013/2781
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2013 and come into force on 21st November 2013.

(2) These Regulations have effect in relation to loan relationships and derivative contracts entered into on or after that date.

Section 2 Amendments to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004

(1) The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 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 575/2013 ;

“deferred shares” has the same meaning as in the Building Societies Act 1986 ;

(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.