The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No. 6) 2009

Interpretation

2.—(1) In these Regulations—

“clearing participant” means a member of

(a)

LCH.Clearnet Limited who as such is permitted by the Rules of LCH.Clearnet Limited or

(b)

X-CLEAR who as such is permitted by the Rules of X-CLEAR or

(c)

European Multilateral Clearing Facility NV (EMCF) who as such is permitted by the Rules of EMCF to clear transactions made on the Facility for a traded security and who may or may not also be a participant in the Facility;

“client” means a person who gives instructions to a non-clearing firm for traded securities to be sold on the Facility;

“LCH.Clearnet Limited” is a company which is a recognised clearing house under the Financial Services and Markets Act 2000(1);

“X-CLEAR” means SIX X-CLEAR AG, a company which is a recognised clearing house under the Financial Services and Markets Act 2000(2)

“EMCF” means European Multilateral Clearing Facility NV, a company which is a recognised clearing house under the Financial Services and Markets Act 2000(3)

“the Facility” means the multilateral trading facility operated by BATS Trading Limited, a company which is authorised to operate a multilateral trading facility for the purposes of Part IV of the Financial Services and Markets Act 2000;

“nominee” means a person whose business is or includes holding traded securities as a nominee for LCH.Clearnet Limited or X-CLEAR or EMCF acting in its capacity as a person providing clearing services in connection with a transaction made on the Facility, or as a nominee for a clearing participant (as the case may be);

“non-clearing firm” means a participant in the Facility other than a clearing participant;

“traded securities” means stocks and shares which are issued or raised by a company but does not include stocks and shares issued by a company not incorporated in the United Kingdom unless—

(a)

the stocks and shares are registered in a register kept in the United Kingdom by or on behalf of the company; or

(b)

in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 1986(4), with shares issued by a company incorporated in the United Kingdom.

(1)

2000 c. 8.

(2)

2000 c.8

(3)

2000 c.8

(4)

1986 c. 41. Subsections (3) to (6A) was amended by section 113(2) of the Finance Act 1990 (c.29). The whole of Part 4 of the 1986 Act is to be repealed from a date to be appointed (see sections 110 and 111(1) of the 1990 Act).