(1) In this section -
"corresponding law", in relation to a relevant overseas country, means a law in force in that country which corresponds to, or substantially corresponds to, the provisions of this Act;
"relevant overseas country" means - (a) an EEA country (other than the State), or (b) a category A country, or (c) a category B country designated by an order in force under section 33(4) or 48(4).
(2) This section applies when a corresponding law of a relevant overseas country contains provisions that treat -
(a) designated credit institutions, and
(b) the holders of asset covered securities issued by those institutions,
no less favourably than their counterparts in that country.
(3) If -
(a) a credit institution established and authorised in a relevant overseas country has issued securities that, under a corresponding law of that country, are equivalent to or substantially equivalent to asset covered securities issued by a designated credit institution in accordance with
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