The Treasury may by regulations provide for—
to apply with modifications in relation to non-standard repo cases.
The power in subsection (1) to make provision for section 263A ... to apply with modifications is exercisable only so far as the section applies to any case mentioned in section 263A(1).
A case is a non-standard repo case if—
Condition A is that—
Condition B is that provision is made by or under an agreement for different or additional UK shares, UK securities or overseas securities to be treated as (or as included with) representative securities.
Condition C is that provision is made by or under an agreement for any UK shares, UK securities or overseas securities to be treated as not included with representative securities.
Condition D is that provision is made by or under an agreement for the sale price or repurchase price to be decided or varied wholly or partly by reference to post-agreement fluctuations.
Condition E is that provision is made by or under an agreement for a person to be required, in a case where there are post-agreement fluctuations, to make a payment in the period—
"Post-agreement fluctuations" are fluctuations in the value of—
which occur in the period after the making of the agreement for the original sale.
"Representative securities" are securities which, for the purposes of the repurchase, are to represent securities transferred in pursuance of the original sale.