Interest Rate (Exemption) (Amendment) Regulations, 2013

L.N. 107 of 2013

CIVIL CODE

(CAP. 16)

Interest Rate (Exemption) (Amendment) Regulations, 2013

IN exercise of the powers conferred by article 1855A of the

Civil Code, the Minister for Justice, Dialogue and the Family, in

conjunction with the Minister of Finance, the Economy and

Investment, has made the following regulations:-

The title of these regulations is the Interest Rate

(Exemption) (Amendment) Regulations, 2013, and these regulations

shall be read and construed as one with the Interest Rate (Exemption)

Regulations, hereinafter referred to as "the principal regulations".

Sub-regulation (1) of regulation 3 of the principal

regulations shall be amended as follows

(a)

in paragraph (f) thereof, for the words "article 2 of

the Companies Act.", there shall be substituted the words

"article 2 of the Companies Act;"; and

(b)

immediately after paragraph (f) thereof, there shall

be added the following new paragraph

"(g) profit

participating

loans

or

profit

participating notes and other similar obligations or

instruments where the return on the obligation or

instrument is variable and is linked to the performance of

the business of the borrower or issuer or the performance

of an asset or a basket of assets

Provided that the aggregate principal sum of the

loans or notes and other similar obligations or instruments

is at least two million euro, and that the issuer or the

borrower, as the case may be, of the said loan, notes,

obligations or instruments is not a natural person.".

€0.09