Part 6

Relationships treated as loan relationships etc
Chapter 10

Repos

General provisions

Power to modify this Chapter
554
1
The Treasury may by regulations provide for all or any of the provisions of this Chapter to apply with modifications in relation to—
a
cases where section 555 (non-standard repo cases) applies, or
b
cases involving redemption arrangements, or
c
both of those cases.
2
A case involves redemption arrangements if—
a
arrangements, corresponding to those made in cases where a company has a repo, are made in relation to securities that are to be redeemed in the period after their sale, and
b
the arrangements are such that a person (instead of having the right or obligation to buy those securities, or similar or other securities, at any subsequent time) has a right or obligation in respect of the benefits which will result from the redemption.
3
The regulations may make—
a
different provision for different cases, and
b
incidental, supplemental, consequential and transitional provision and savings.
4
In this section and section 555—
- “modifications” include exceptions and omissions, and
- “repo” means—
  1. a debtor repo or debtor quasi-repo, or
  2. a creditor repo or creditor quasi-repo (including anything treated, as a result of section 547, as a creditor repo for the purposes of section 546).