1 Citation, commencement and interpretation

(1)    These Regulations may be cited as the Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2004 and shall come into force on 1st January 2005.

(2)    In these Regulations “the principal Regulations” means the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004.

NOTES
Initial Commencement
Specified date

Specified date: 1 January 2005: see para (1) above.

Financial Services & Activities97 Derivative Products97 Insurance Law97 Banking & Finance Law97

2 Amendment of the principal Regulations

2Amendment of the principal Regulations

(1)    The principal Regulations are amended as follows.

(2)    In regulation 4(7)—

(a)    for “an asset representing” substitute “a liability representing”;

(b)    for “the debit falling” substitute “the credit falling”; and

(c)    for “interest receivable” substitute “interest payable”.

NOTES
Initial Commencement
Specified date

Specified date: 1 January 2005: see reg 1(1).

Signature

Derek Twigg

Nick Ainger

Two of the Lords Commissioners of Her Majesty's Treasury

16th December 2004

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Regulations)

These Regulations correct errors in the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (SI 2004/3271: “the principal Regulations”).

Regulation 1 provides for citation, commencement and interpretation.

Regulation 2 makes amendments to regulation 4(7) of the principal Regulations to ensure that it is, as was originally intended, the converse of regulation 4(6) of those Regulations.

These Regulations do not impose new costs on business.

Financial Services & Activities95 Derivative Products95 Insurance Law95 Banking & Finance Law95