Section 387A(5)

For the purposes of subsection (3)(b)(ii) an instrument does not contain an embedded derivative merely because— it provides for a variable interest rate derived from a broadly used reference rate, or it is not denominated in the domestic currency of the person issuing the debt (provided that the principal, repayment and interest are denominated in the same currency).

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Source: legislation.gov.uk · retrieved 2026-09-04