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2.—(1) This regulation applies in a non-standard repo case where—
(a)condition B is met in relation to the repo (see section 612(4) of ITA 2007), and
(b)securities (“the substituted securities”) are substituted for other securities.
(2) Sections 601 to 610 of ITA 2007 (repos) and section 263A of TCGA 1992(1) (agreements for sale and repurchase of securities) apply as if any references in any of those sections to “securities or similar securities” (however expressed) included a reference to the substituted securities.
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