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simple capital issuer

    45a BIPRU firm that meets the following conditions:

      1. (a) it does not raise capital through a special purpose vehicle;
      1. (b) it only includes non-convertible and non-exchangeable capital instruments in its capital resources;
      1. (c) (if it includes capital instruments in its capital resources on which coupons are payable) such coupons are not subject to a step-up;
      1. (d) it only includes capital instruments in its tier one capital resources consisting of ordinary shares, 120perpetual non-cumulative preference shares or partnership or limited liability partnership capital accounts;
      1. (e) it only includes non-redeemable capital instruments in its tier one capital resources; and
      1. (f) (if it includes capital instruments in its tier one capital resources on which coupons are payable) such coupons are non-cumulative, non-mandatory and in cash.