[(1) In this section “transformer vehicle” means an undertaking (“A”) which—
(a) is established for the purposes of carrying on the activities mentioned in subsection (2), or
(b) carries on those activities.
(2) The activities referred to in subsection (1) are—
(a) assuming risk from another undertaking (“B”), and
(b) fully funding A's exposure to that risk by issuing investments where the repayment rights of the investors are subordinated to A's obligations to B in respect of the risk.
(3) The Treasury may by regulations make provision for facilitating, and provision for regulating—
(a) the establishment and operation of transformer vehicles;
(b) the activities mentioned in subsection (2);
(c) the trading of investments issued by transformer vehicles.
(4) Regulations under subsection (3) may (amongst other things) make provision—
(a) for the incorporation and registration in the United Kingdom of bodies corporate;
(b) for a body incorporated by virtue of the regulations to take such form and name as may be determined in accordance with the regulations;
(c) as to the purposes for which such a body may exist and the investments which it may issue;
(d) as to the constitution, ownership, management and operation of such a body;
(e) for such a body to comprise different parts;
(f) for such parts to have legal personality distinct from that of the body;
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