The note-issuing company: regulation 5

The note-issuing company is the key entity in the securitisation arrangement. It must meet four conditions.

It must be within CTA10/S623. That is, it has issued securities to investors in the form of a ‘capital market investment’ that is part of a ‘capital market arrangement’ (CFM72300).

The securities must be issued ‘wholly or mainly’ to ‘independent persons’.

The total value of the securities issued must exceed £10m.

The company's only business, apart from being a debtor to a capital market arrangement and apart from any incidental activities, must be either:

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