The judgment seems pretty clear to me that if tested PSR is also unlawful per the shareholder loan point - so separate but deeply connected. But I think it will be fixed.
As it happens I think there is an error in para 258 on this point. It says the Tribunal have been asked whether the exclusion of shareholder loans from the
PSR distorts competition. But then go on to answer for APT Rules. City submitted that the exclusion of shareholder loans from the
APT Rules was an object restriction. And the Tribunal agreed but it did not conclude on PSR as far as I can see unless anyone can spot it.
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