- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
11.—(1) Regulation 61 of the 1994 Regulations(1) (provision for adverse changes) shall be amended as follows.
(2) In paragraph (1), after the words “an obligation”, insert “to which this regulation applies”.
(3) For paragraph (3), substitute—
“(3) For the purposes of this regulation—
“linked assets” has the meaning given in regulation 44(1) above;
“property linked liabilities” has the meaning given in paragraph 2 of Schedule 12 to these Regulations; and
“the amount of its excess assets” means the difference between the aggregate value of its assets (other than linked assets to the extent that they are held to match property linked liabilities), determined in accordance with Part VIII of these Regulations, and the amount of its liabilities (other than property linked liabilities or liabilities for which provision is made in accordance with this regulation).”.
(4) After paragraph (3), insert—
“(4) Subject to paragraph (5) below, this regulation applies to an obligation—
(a)under a contract relating to investments of the kinds mentioned in item C under the heading “Assets” in paragraph 9 of Part I of Schedule 9A to the Companies Act 1985 (whether such contract constitutes an asset or liability of the company);
(b)undertaken for the purposes of, or in connection with the making of, investments of the kind mentioned in sub-paragraph (a) above; or
(c)under a contract providing for the purchase, sale or exchange of currency.
(5) This regulation shall not apply to a contract to the extent that it relates to, or is for the purposes of the making of an investment in, or is in connection with the making of an investment in, a building which is to be occupied by the company and used by the company for the conduct of its business.”.
Regulation 61 was substituted by S.I. 1995/3248, reg.15.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: