Section 3(1) of the Principal Act is amended -

(a) by inserting the following after the definition of "agricultural land":

"'article 22(4) securities' mean bonds which come within the terms of the first sub-paragraph of Article 22(4) of Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) [OJ No. L 375, 31.12.1985, p. 03] (as inserted by Council Directive 88/220/EC of 22 March 1988 amending, as regards the investment policies of certain UCITS, Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS) [OJ No. L 100, 19.04.1988, p. 31]);",

(b) in the definition of "asset covered securities" -

(i) in paragraph (a), by deleting "and", and

(ii) by inserting the following after paragraph (a):

"(ab) in relation to a designated or formerly designated commercial mortgage credit institution, means commercial mortgage covered securities issued by the institution, and",

(c) by substituting the following for the definition of "category A country":

"'category A country' means a country to which section 5(1) (b) or (c) relates;",