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Change 1
As published
14A Power to participate in secured syndicated lending.
(1) Subject to subsection (2) below, a building society may participate in syndicated lending—
(a) as a member of the lending syndicate, or
(b) as a person whose rights as a participant arise under an arrangement with a member of the lending syndicate (“a sub-participant”).
(2) Subsection (1) above only applies if—
(a) the syndicated lending is appropriately secured, and
(b) where the society’s participation is as a sub-participant, the society’s rights as such a participant are appropriately secured.
(3) The Commission may, with the consent of the Treasury, by order—
(a) make provision with respect to what constitutes appropriate security for the purposes of subsection (2)(a) or (b) above;
(b) make provision with respect to the classification, for the purposes of the requirements of this Part for the structure of commercial assets, of a society’s participation under this section in syndicated lending; and
(c) provide for the application of the provisions of this Part, with such modifications as appear to the Commission to be appropriate, to a society’s participation under this section in syndicated lending.
(4) The power conferred by subsection (3) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
(5) A building society may only exercise the power conferred by this section if it has adopted it.
Your change, as a redline
14A Power to participate in secured syndicated lending.
(1) Subject to subsection (2) below, a building society may participate in syndicated lending—
(a) as a member of the lending syndicate, or
(b) as a person whose rights as a participant arise under an arrangement with a member of the lending syndicate (“a sub-participant”).
(2) Subsection (1) above only applies if—
(a) the syndicated lending is appropriately secured, and
(b) where the society’s participation is as a sub-participant, the society’s rights as such a participant are appropriately secured.
(3) The Commission may, with the consent of the Treasury, by order—
(a) make provision with respect to what constitutes appropriate security for the purposes of subsection (2)(a) or (b) above;
(b) make provision with respect to the classification, for the purposes of the requirements of this Part for the structure of commercial assets, of a society’s participation under this section in syndicated lending; and
(c) provide for the application of the provisions of this Part, with such modifications as appear to the Commission to be appropriate, to a society’s participation under this section in syndicated lending.
(4) The power conferred by subsection (3) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
(5) A building society may only exercise the power conferred by this section if it has adopted it.
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