Details of the taxation of securitisation companies within the permanent regime are set out at D7.215 and an overview of securitisation generally can be found at D7.205.
The basic definition of a securitisation company is a company that is1:
- Ìý
•ÌýÌýÌýÌý party as debtor to a capital market investment (CMI) in respect of which securities are issued and which is part of a capital market arrangement (CMA), and meets other specified conditions, or
- Ìý
•ÌýÌýÌýÌý involved in the CMA in some other way
The first requirement therefore is for it to be part of a CMA involving a CMI. These terms have specific legislative and regulatory requirements, and take their meanings from the Insolvency Act 1986, s 72B(1)2. The same definitions of CMA and CMI are use for the purpose of the securitisation company regulations3.
The definition of a CMA is set out in detail in the Insolvency Act 1986, Schedule 2A, para 1. The part of the definition that is normally relevant in relation
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