Citation and commencement

1. These Regulations may be cited as the Individual Savings Account (Amendment No. 3) Regulations 2008 and shall come into force on 16th December 2008.

Amendment of the Individual Savings Account Regulations 1998

2.The Individual Savings Account Regulations 1998( 3 ) are amended as follows.

3. In regulation 2(1)(a) in the definition of “security”—

(a) for “(cb) and (8)(b), 8(2)(e) and (f), 31(4)(b)” substitute “(cc) and (8)(b), 8(2)(f)”;

(b) at the end add “, and in regulation 7(2)(cc) has the same meaning but with the omission of the words “of a company””.

4. In regulation 7(2) (qualifying investments for a stocks and shares component) after sub-paragraph (cb) insert—

“ (cc) securities issued by a multilateral institution, contributions to which may be reported as official development assistance, listed in Part I of Annex 2 to the DAC Statistical Reporting Directive ( 4 ) (approved by the Development Assistance Committee of the Organisation for Economic Co-operation and Development), where the securities satisfy the conditions in paragraphs (5)(b) and (6); ” .