6 Loans and credit arrangements
In regulation 17 (loans and credit arrangements)—
(a) in paragraph (3), for “regulations 59 and 63 (exceptions)” substitute “Part 7 (Exceptions and licences)”;
(b) in paragraph (5)—
(i) at the appropriate place insert—

““category 1 loan” means a loan or credit—
(a) with a maturity exceeding 30 days,
(b) made or granted to—
(i) a person falling within Schedule 2,
(ii) a person, other than an individual, which is—
(aa) incorporated or constituted under the law of a non-UK country, and
(bb) owned (within the meaning of regulation 16(7)) by a person within paragraph (i), or
(iii) a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii), and
(c) which is first made or granted at any time after IP completion day;
“category 2 loan” means a loan or credit—
(a) with a maturity exceeding 30 days,
(b) made or granted to a person, other than an individual, which is—
(i) incorporated or constituted under the law of any part of the United Kingdom, and
(ii) owned (within the meaning of regulation 16(7)) by a person falling within Schedule 2, and
(c) which is first made or granted at any time on or after 1st March 2022;
“category 3 loan” means a loan or credit—
(a) with a maturity exceeding 30 days,
(b) made or granted to a person, other than an individual, which is—
(i) connected with Russia,
(ii) owned (within the meaning of regulation 16(7)) by a person within sub-paragraph (i), or
(iii) a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii),
(c) which is first made or granted at any time on or after 1st March 2022, and
(d) which is not—
(i) a category 1 loan, a category 2 loan or a category 4 loan, or
(ii) a loan made or granted to—
(aa) a person, other than an individual, which on 1st March 2022 is domiciled in a country other than Russia,
(bb) a person, other than an individual, which is owned by a person falling within sub-paragraph (aa), or
(cc) a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (aa) or sub-paragraph (bb);
“category 4 loan” means a loan or credit—
(a) made or granted to the Government of Russia,
(b) which is first made or granted at any time on or after 1st March 2022;”

(ii) for the definition of “relevant loan” substitute—

““relevant loan” means a category 1 loan, a category 2 loan, a category 3 loan or a category 4 loan;”

;
(iii) omit the definition of “relevant person”.