reg 21 Exclusion of large debt securities issuer from definition of “ UK-traded third country company ”
(1) A large debt securities issuer is excluded from the definition of “ UK-traded third country company ” for the purposes of Part 42 of the Act. (2) In paragraph (1) “ large debt securities issuer ” means a body corporate whose only issued transferable securities admitted to trading on a UK regulated market are debt securities, the denomination per unit of which is not less than— (a) £35,000 or an equivalent amount, in the case of securities admitted to trading on a UK regulated market before 31st December 2010, (b) £70,000 or an equivalent amount, in the case of securities admitted to trading on a UK regulated market on or after 31st December 2010. (3) In paragraph (2)— “ an equivalent amount ” means an amount of a currency other than pounds Sterling which at the date the security was issued was equivalent to the relevant amount of pounds Sterling ; and “ debt securities ” has the same meaning as in Article 2(1)(b) of Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/43/EC . (4) Regulation 43 of the Statutory Auditors and Third Country Auditors Regulations 2007 is revoked.