Section 23(4)

Paragraph (5) applies in relation to non-equity securities which— represent an interest in assets, including any rights intended to ensure the servicing of those assets or the receipt or the timely receipt by holders of those assets of the amounts payable under those assets, are secured by assets and include terms providing for payments calculated by reference to those assets, or give rise to payment or delivery obligations linked to assets.

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