Section 59(1)

The prohibitions in regulation 17 (loans and credit arrangements) are not contravened by the grant of— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a relevant loan that has a specific and documented objective of making emergency funds available to meet applicable solvency or liquidity criteria for a relevant subsidiary; a relevant loan consisting of a drawdown or disbursement made under an arrangement entered into before— where the conditions in paragraph (2) are met. in the case of a category 1 loan, 15th September 2014; in the case of a category 2 loan, a category 3 loan or a category 4 loan, 1st March 2022; in the case of a category 5 loan, 29th October 2022; in the case of a category 6 loan, 16th December 2022;

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Source: legislation.gov.uk · retrieved 2026-08-30