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6. 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—
with a maturity exceeding 30 days,
made or granted to—
a person falling within Schedule 2,
a person, other than an individual, which is—
incorporated or constituted under the law of a non-UK country, and
owned (within the meaning of regulation 16(7)) by a person within paragraph (i), or
a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii), and
which is first made or granted at any time after IP completion day;
“category 2 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual, which is—
incorporated or constituted under the law of any part of the United Kingdom, and
owned (within the meaning of regulation 16(7)) by a person falling within Schedule 2, and
which is first made or granted at any time on or after 1st March 2022;
“category 3 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual, which is—
connected with Russia,
owned (within the meaning of regulation 16(7)) by a person within sub-paragraph (i), or
a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii),
which is first made or granted at any time on or after 1st March 2022, and
which is not—
a category 1 loan, a category 2 loan or a category 4 loan, or
a loan made or granted to—
a person, other than an individual, which on 1st March 2022 is domiciled in a country other than Russia,
a person, other than an individual, which is owned by a person falling within sub-paragraph (aa), or
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—
made or granted to the Government of Russia,
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”.