[(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
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Mistake in contract lawThis Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of
Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA
Resulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive and implied trusts, although it is perhaps doubtful whether there is any form of implied trust which is not in fact either a resulting trust or a
Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international
0330 161 1234
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.