12(1)  The specified regulations do not apply to a securitisation company that–

(a)has an unallowable purpose, or

(b)at any time has had an unallowable purpose.

12(2)  For the purpose of these Regulations a securitisation company has an unallowable purpose if the purpose for which the securitisation company is a party to–

(a)the capital market arrangement,

(b)any related transaction, or

(c)any transaction in pursuance of the capital market arrangement,

includes a purpose which is not amongst the business or other commercial purposes of the securitisation company.

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