The Building Societies (Liquid Asset) (Amendment) Regulations 1992

Amendment of previous Regulations

4.  In Part III of the Schedule to the 1991 Regulations there shall be inserted:

(1) before the definition of “commercial paper”:

““clearing agent” means a person who holds a record whether in writing or by electronic means of the rights to securities of his principals and provides a service to the principals enabling them to transfer between each other the rights to securities by altering as appropriate the records held;”;

(2) before the definition of “gilt-edged market maker”:

““depository” means a central bank of a state mentioned in paragraph 2(a) of Part I, which takes deposits of securities or any person whose business includes the taking of deposits of securities and whose business of taking deposits of securities is supervised or authorised by the appropriate national authority, empowered by law, of any of those states so to do;

“EFTA State” means any of Austria, Finland, Iceland, Liechtenstein, Norway, Sweden and Switzerland;”;

(3) in the definition of “mortgage backed securities” after the word “Community” the words “and of any EFTA State”;

(4) before the definition of “securities”:

• ““rights to any securities” means any rights of a person to have a security which comes within paragraphs 3, 4 and 7 of Part I:–

  (a)

  delivered to him, or

  (b)

  transferred to another depository or clearing agent and evidenced, whether in writing or by electronic means, as being his right to the security, or

  (c)

  transferred to any other person; and,

• “rights to any securities” includes a right to a proportion of any such debt as comes within paragraphs 3, 4 and 7 of Part I which right is evidenced in writing or by electronic means;”.