Section 554 | Power to modify this Chapter

(1)The Treasury may by regulations provide for all or any of the provisions of this Chapter to apply with modifications in relation to—

(a)cases where section 555 (non-standard repo cases) applies, or

(b)cases involving redemption arrangements, or

(c)both of those cases.

(2)A case involves redemption arrangements if—

(a)arrangements, corresponding to those made in cases where a company has a repo, are made in relation to securities that are to be redeemed in the period after their sale, and

(b)the arrangements are such that a person (instead of having the right or obligation to buy those securities, or similar or other securities, at any subsequent time) has a right or obligation in respect of the benefits which will result from the redemption.

(3)The regulations may make—

(a)different provision for different cases, and

(b)incidental, supplemental, consequential and transitional provision and savings.

(4)In this section and section 555—

“modifications” include exceptions and omissions, and

“repo” means—

(a)a debtor repo or debtor quasi-repo, or

(b)a creditor repo or creditor quasi-repo (including anything treated, as a result of section 547, as a creditor repo for the purposes of section 546).