(a) “new account” means a financial account maintained by a reporting financial  institution( a ) opened on or after 13th May 2020;  (b) “pre-existing account” means—  (i) a financial account maintained by a reporting financial institution as of 12th  May 2020, or  (ii) a financial account within Section VIII(C)(9)(b) of Annex 1 of the DAC( b ),  but in the application of that provision the references to “subparagraph  C(9)(a)” are to be read as references to paragraph (i) of this sub-paragraph.  (a) non-registered pension arrangements where the annual contributions are limited to  £50,000 and funds contributed cannot be accessed before the age of 55 except in  circumstances of serious ill health;  (b) Premium Bonds issued by the UK National Savings and Investments;  (c) Fixed Interest Savings Certificates issued by the UK National Savings and  Investments; and  (d) Index Linked Savings Certificates issued by the UK National Savings and  Investments.”.  Transitional provision  3. —(1) For the purposes of the International Tax Compliance Regulations 2015, in relation to an  account that by virtue of regulation 2(5) ceases to be an excluded account, the calendar year 2020  is treated as beginning on 13th May 2020 and ending on 31st December 2020.  (2) Where in consequence of paragraph (1) it is necessary to apportion an amount for the  calendar year 2020 to the period ending immediately before 13th May 2020 and the period  beginning with that date, it is to be apportioned—  (a) on a time basis according to the respective length of the periods, or  (b) if that method would produce a result that is unjust or unreasonable, on a just and  reasonable basis.  EXPLANATORY NOTE  (This note is not part of the Regulations)  The Regulations amend the International Tax Compliance Regulations 2015 (“the principal  Regulations”) which give effect to agreements and arrangements reached between the United  Kingdom and other jurisdictions to improve international tax compliance.  Regulation 2(2) extends the application of the principal Regulations to arrangements entered into  by the United Kingdom for the exchange of financial account information with other jurisdictions  up to 19th April 2020, the date before the Regulations are made.  Regulation 2(5) omits various accounts from the category of excluded accounts. Regulation  2(4)(b) amends the definitions of “new account” and “pre-existing account” in relation to those  David Rutley  Maggie Throup  Two of the Lords Commissioners of Her Majesty’s Treasury  20th April 2020  2 (4) The accounts are—  (5) In Schedule 2, omit paragraphs 2, 6, 8 and 9.  ( a ) “Financial account” and “reporting financial institution” are defined in the table in regulation 24(2) of the principal  Regulations.  ( b ) “The DAC” is defined in regulation 1(3)(a) of the principal Regulations. 