The Disclosure of Interests in Shares (Amendment) Regulations 1996

Interests to be disregarded for disclosure purposes

2.  After subsection (9) of section 209 of the Companies Act 1985(1) (interests to be disregarded for disclosure purposes) there shall be inserted the following subsections —

“(9A) Where—

(a) in pursuance of arrangements made with the operator of a relevant system—

(i) securities of a particular aggregate value are on any day transferred by means of that system from a person (“A”) to another person (“B”);

(ii) the securities are of kinds and amounts determined by the operator-system; and

(iii) the securities, or securities of the same kinds and amounts, are on the following day transferred by means of the relevant system from B to A; and

(b) the securities comprise any shares of a company,

any interest of B in those shares is also disregarded for the purposes of sections 198 to 202.

(9B) For the purposes of subsection (9A)—

(a) any day which, in England and Wales, is a non-business day for the purposes of the Bills of Exchange Act 1882(2) is disregarded; and

(b) expressions which are used in the Uncertificated Securities Regulations 1995(3) have the same meanings as in those Regulations.”

(1)

Section 209 was substituted by regulations 2 and 8 of S.I. 1993/1819, and amended by regulations 2 and 3 of S.I. 1993/2689 and by section 21(2) of, and Schedule 2 to, the Law of Property (Miscellaneous Provisions) Act 1994 (c. 36).

(2)

1882 c. 61; section 92 (computation of time) was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).

(3)

S.I. 1995/3272.