Asset Covered Securities (Amendment) Act 2007

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Schedule 3 — further amendments to Principal Act.

60.— The Principal Act is amended by inserting the following after Schedule 2:

Section 107.

“SCHEDULE 3

FURTHER AMENDMENTS TO THIS ACT

PART 1

Deletion of references to tier 2 asset

Item No.	Section affected	Amendment
1.	Section 3	(a) In subsection (1), in the definition of “tier 1 asset”, substitute “assets.” for “assets; and”. (b) In subsection (1), delete the definition of “tier 2 asset”.
2.	Section 27	(a) In subsection (1), delete paragraph (e). (b) In subsection (3), in the definition of “credit transaction asset”, substitute “or substitution asset” for “, substitution asset or tier 2 asset”.
3.	Section 31	(a) In subsection (3), delete “and tier 2 assets”. (b) In subsection (5), delete “or tier 2 assets”.
4.	Section 41	In subsection (5), delete “tier 2 assets,”.
5.	Section 42	(a) In subsection (1), delete paragraph (e). (b) In subsection (3), in the definition of “credit transaction asset”, substitute “or substitution asset” for “, substitution asset or tier 2 asset”.
6.	Section 46	In subsection (4), delete “or tier 2 assets”.
7.	Section 56	In subsection (5), delete “tier 2 assets”.

PART 2

Deletion of references to tier 1 asset

Item No.

Section affected

Amendment

Section 3

(a) In subsection (1), in the definition of “supervisory enactment”, substitute “notices.” for “notices;”.

(b) In subsection (1), delete the definition of “tier 1 asset”.

(i) delete paragraph (b), and

(ii) in paragraph (c)—

(I) substitute “an exposure” for “a deposit of money”, and

(II) substitute “subject of the exposure” for “holding the deposit”.

(d) Delete subsection (3).

(e) In subsection (4)—

(i) delete paragraph (b), and

(ii) in paragraph (c)—

(I) substitute “an exposure” for “a deposit of money”, and

(II) substitute “subject of the exposure” for “hold the deposit”.

(f) Substitute the following for subsection (5):

“(5) In subsection (4), ‘primary financial obligation’ means the financial obligations that enables the asset to qualify as a public credit asset.”.

Section 6

In subsection (1), delete paragraph (b).

PART 3

Deletion of definitions of “European Central Bank” and “national central bank”

Item No.	Section affected	Amendment
1.	Section 3	In subsection (1), delete the definitions of “European Central Bank” and “national central bank”.