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Amendment of section 110 (securitisation) of Principal Act.
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36.— (1) Section 110 of the Principal Act is amended in subsection (1)—
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(a) in the definition of “ qualifying asset ” by inserting “(including a partnership interest)” after “interest”,
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(b) in the definition of “ financial asset ”—
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(i) in paragraph (g) by deleting “and” where it last occurs and in paragraph (h) by substituting “instruments,” for “instruments;” and
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(ii) by inserting the following after paragraph (h):
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“(i) greenhouse gas emissions allowance, and
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(j) contracts for insurance and contracts for reinsurance;”,
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and
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(c) by inserting the following after the definition of “ financial asset ”:
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“ ‘ greenhouse gas emissions allowance ’ means an allowance, permit, licence or right to emit during a specified period, a specified amount of carbon dioxide or any other greenhouse gas as defined in Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC of 24 September 1996, where such allowance, permit, licence or right is issued by a State or by an inter-governmental or supra-national institution pursuant to a scheme which—
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(a) imposes limitations on the emission of such greenhouse gases, and
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(b) allows the transfer for value of such allowances, permits, licences or rights;”.
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(2) This section applies on and from the date of the passing of this Act.
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