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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

Bearer securities etc

13.  A reference to bearer securities in–

(a)sections 1 and 7(3) of the Trustee (Northern Ireland) Act 1958(1);

(b)paragraph 14(2) of Schedule 6 to the Aircraft and Shipbuilding Industries Act 1977(2); and

(c)paragraph 4 of Schedule 12 to the Finance Act 1989(3),

includes a reference to uncertificated units of eligible debt securities.

14.  A reference to securities payable to bearer in–

(a)section 7(1) of the Trustee (Northern Ireland) Act 1958;

(b)section 31(a) of the Industrial and Provident Societies Act 1965(4);

(c)regulation 8 of the Land Settlement (Annuities) Regulations 1919(5),

includes a reference to uncertificated units of eligible debt securities.

15.  A reference to bearer instruments in articles 41(1) and 42(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001(6) includes a reference to uncertificated units of an eligible debt security the holding of which confers, in accordance with the current terms of issue of the security, rights which correspond to those conferred by an investment of a kind falling within paragraph 15(1) of Schedule 1 to that Order.

(4)

1965 c. 12, to which there are amendments not relevant to these Regulations.

(5)

S.I. 1919/1961.

(6)

S.I. 2001/1335, to which there are amendments not relevant to these Regulations.

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