The Banking Act 1987 (Exempt Transactions) (Amendment) Regulations 1997

Amendment of principal Regulations

2.  Regulation 14 of the principal Regulations shall be amended by substituting for paragraph (1) the following paragraph—

“(1) Where a relevant debt security issued in relation to the acceptance of a deposit intended to be an exempt transaction under regulation 13(1) or (3) above is commercial paper or a shorter term debt security or where it is a longer term debt security and in that case the requirements in regulation 13(4)(c), (d), (f) or (g) above apply, the relevant debt security shall meet the following requirements—

(a) a single debt security shall be issued in consideration of the acceptance of the deposit, in the form of commercial paper or, as the case may be, a shorter term debt security or a longer term debt security; and

(b) the redemption value of the relevant debt security shall be not less than £100,000 (or an amount of equivalent value denominated wholly or partly otherwise than in sterling); and

(c) the whole or part of the relevant debt security may be transferred only if the redemption value of each such debt security or of the part of it being transferred is not less than £100,000 (or an amount of equivalent value denominated wholly or partly otherwise than in sterling).”.