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The Banking Act 1987 (Exempt Transactions) (Amendment) Regulations 1997
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- 1997 No. 1866
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend regulation 14(1) of the Banking Act (Exempt Transactions) Regulations 1997 to correct an error. Regulation 14(1) provided that the acceptance of a deposit involving the issue of shorter term debt securities which were not themselves listed would only be an exempt transaction if a single debt security was issued and the redemption value of each such debt security when issued or transferred was not less than £100,000. The amendment gives effect to the intention that these requirements should apply in respect of the issue of any shorter term debt securities, whether listed or not.
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