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The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 No. 1633

  1. Introductory Text

  2. 1.Citation, commencement and interpretation

  3. 2.Amendment of the principal regulations

  4. 3.Eligible debt securities–interpretation

  5. 4.(1) In regulation 3(3)– (a) before “public” (wherever occurring), insert...

  6. 5.Participation in respect of securities other than shares

  7. 6.Entries on registers and records in respect of general public sector securities

  8. 7.Entries on registers and records in respect of general UK Government securities

  9. 8.Entries on registers and records in respect of general local authority securities

  10. 9.Entries on registers and records in respect of eligible debt securities

  11. 10.Effect of entries on registers

  12. 11.Registration by an Operator of transfers of securities

  13. 12.Requirements for approval of a person as Operator

  14. 13.Keeping of registers and records of participating securities

  15. 14.Eligible Treasury bills etc

  16. 15.Application and modification of certain enactments

  17. Signature

    1. SCHEDULE 1

      1. PART 1 ELIGIBLE TREASURY BILLS

        1. Modification of the Treasury Bills Act 1877

          1. 1.For the purposes of regulation 14, and the definition of...

          2. 2.In section 2– (a) before the definition of “prescribed”, insert–...

          3. 3.In section 4, for the words from “in the prescribed...

          4. 4.In section 5, for “of and interest on”, substitute “and...

          5. 5.For section 8(2), substitute– (2) Each Treasury bill (and each...

          6. 6.In section 9– (a) in subsection (1), omit “mode of...

        2. Modification of the Treasury Bills Regulations 1968

          1. 7.In regulation 1– (a) before “Treasury bills”–

          2. 8.In regulation 2(1)– (a) before “Treasury bills”, insert “uncertificated units...

          3. 9.For regulation 3, substitute– – (1) The terms of a Treasury bill shall include...

          4. 10.In regulation 4– (a) for paragraph (1), substitute–

          5. 11.In regulation 6– (a) omit paragraphs (1), (1A), (1N) and...

          6. 12.Omit regulations 7 and 8.

          7. 13.In regulation 9, after the definition of ““NLF bill” and...

      2. PART 2 ELIGIBLE NORTHERN IRELAND TREASURY BILLS

        1. 14.For the purposes of regulation 14, and the definition of...

        2. Modification of the Exchequer and Financial Provisions Act (Northern Ireland) 1950

          1. 15.In section 11(1)(b), after “Northern Ireland Treasury Bills”, insert “(and...

          2. 16.In section 40, after subsection (1), insert–

          3. 17.In the First Schedule– (a) in paragraph 2, for the...

      3. PART 3 DEMATERIALISED LOAN INSTRUMENTS

        1. 18.For the purposes of regulation 14, and the definition of...

        2. Modification of Part IV of the Local Government and Housing Act 1989

          1. 19.In section 43(4)– (a) for “document which, directly or by...

          2. 20.In section 43(5), for “any document”, substitute “any security”.

          3. 21.After section 43(5), add– (5A) No regulation under subsection (5)...

          4. 22.In section 46– (a) in paragraph (a) of subsection (4),...

          5. 23.In section 66(1)– (a) after paragraph (a), insert–

        3. Modification of the Local Authorities (Borrowing) Regulations 1990

          1. 24.In regulation 2– (a) in the definition of “loan instrument”–...

          2. 25.In regulation 3– (a) in paragraph (2)–

          3. 26.In regulation 4– (a) in paragraph (1)–

          4. 27.In regulation 5– (a) in paragraph (1), for “The”, substitute...

          5. 28.In regulation 6– (a) for “a” (where second occurring), substitute...

          6. 29.In regulation 7– (a) for paragraphs (1) and (2), substitute–...

          7. 30.After regulation 8(5), add– (6) This regulation does not apply...

          8. 31.After regulation 9(12), add– (13) This regulation does not apply...

          9. 32.In Schedule 1– (a) in paragraph 1–

          10. 33.In Schedule 2– (a) in paragraph 1, for the definition...

    2. SCHEDULE 2

      APPLICATION AND MODIFICATION OF CERTAIN ENACTMENTS

      1. Eligible Treasury bills

        1. 1.Section 5 of the National Debt Act 1889 applies in...

        2. 2.A reference to Treasury bills in– (a) section 4 of...

      2. Eligible Northern Ireland Treasury Bills

        1. 3.A reference to Northern Ireland Treasury Bills in–

      3. Dematerialised loan instruments

        1. 4.A reference to a loan instrument in–

      4. Cash ratio deposits

        1. 5.In the Cash Ratio Deposits (Eligible Liabilities) Order 1998–

      5. Certificates of deposit

        1. 6.(1) In an enactment to which this paragraph applies–

      6. Commercial paper

        1. 7.A reference to commercial paper in Schedule A1 or Schedule...

      7. Securities etc creating or acknowledging indebtedness

        1. 8.(1) In a provision to which this paragraph applies, a...

      8. Acceptance of certain instruments

        1. 9.The reference to a person becoming party to an instrument...

      9. Public offers of securities

        1. 10.In regulation 3(4) of the Public Offers of Securities Regulations...

      10. Building societies

        1. 11.In the Building Societies Act 1986– (a) the reference in...

        2. 12.In Part III of Schedule 2 to the Building Societies...

      11. Bearer securities etc

        1. 13.A reference to bearer securities in– (a) sections 1 and...

        2. 14.A reference to securities payable to bearer in–

        3. 15.A reference to bearer instruments in articles 41(1) and 42(1)...

      12. Application and modification of other enactments

        1. 16.Section 7(1) of the Trustee (Northern Ireland) Act 1958 applies...

        2. 17.The reference in paragraph 6 of Schedule 1 to the...

        3. 18.In any enactment, a reference to an enactment modified by...

  18. Explanatory Note

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