Clause 48

by deleting the words “the issue of those securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue” in subsection (2) and substituting the words “those securities which are outstanding at any time during the life of the issue is beneficially held or funded, directly or indirectly,”;

by inserting, immediately after subsection (3), the following subsections:“(3A) A primary dealer referred to in subsection (3)(b) may elect in accordance with subsection (3B) not to be subject to the regulations made under subsection (1); and if the primary dealer so elects, the regulations shall cease to apply to the income of that primary dealer for the year of assessment for which the election is made and for subsequent years of assessment.(3B) The election referred to in subsection (3A) shall be made by the primary dealer by notice in writing to the Comptroller —

at the time of lodgment of the return of income for a year of assessment; or

at such further time as the Comptroller may allow.(3C) The election made by a primary dealer under subsection (3A) shall be irrevocable.”; and

by deleting the words “and certificates of deposits” in the definition of “debt securities” in subsection (4) and substituting the words “, certificates of deposits, and AT1 instruments within the meaning of section 10O(2);”.