After section 227 of the Principal Act , the following sections are inserted in Part 2:227A. Mortgage-backed securities
(1) Duty under this Act is not chargeable in respect of a mortgage over the interest of a person in a pool of mortgages relating to debt securities that are mortgage-backed securities issued by the person to secure the repayment of financial accommodation provided to the person.(2) Duty under this Act is not chargeable in respect of a mortgage of a mortgage, a pool of mortgages or part of a pool of mortgages in connection with creating, issuing, marketing or securing a mortgage-backed security.(3) Duty under this Act is not chargeable in respect of (a) the issue or making of a mortgage-backed security; or(b) the transfer or assignment of, or other dealing with, a mortgage-backed security; or(c) the discharge, cancellation or termination of a mortgage-backed security.(4) Duty under this Act is not chargeable in respect of a mortgage of a mortgage, a pool of mortgages or part of a pool of mortgages for the purpose of creating, issuing, marketing or securing a mortgage-backed security if the mortgage is executed on or after 1 July 2001.(a) to a person entitled to a mortgage-backed security or a trustee or agent for such a person; or(b) by or to a person who issues, makes or endorses a mortgage-backed security; or(c) to a person who provides security (whether as a guarantor, surety or otherwise) to a person entitled to a mortgage-backed security or a trustee or agent for such a person 227B. Instruments issued for purpose of creating, issuing or marketing mortgage-backed securities
Duty under this Act is not chargeable on an instrument that, in the opinion of the Commissioner, was executed for the purpose of creating, issuing or marketing mortgage-backed securities.227C. Loan-backed securities
(1) Duty is not chargeable in respect of an instrument that is, or effects, any of the following:(a) the issue or making of a loan-backed security;(b) the transfer or assignment of, or other dealing in, a loan-backed security;(c) an instrument that, in the Commissioner's opinion, was executed for the purpose of creating, issuing or marketing loan-backed securities;(d) a mortgage over the interest of a person in a pool of loans, being a mortgage relating to loan-backed securities issued by the person to secure the repayment of financial accommodation provided to the person;(e) a policy of insurance covering any or all assets in a pool of loans acquired or held for the purpose of issuing loan-backed securities, but only so far as the instrument relates to loan-backed securities.