The Exchange of Securities (General) (Amendment) Rules 1998

Explanatory Note

(This note is not part of the Rules)

These Rules further amend the Exchange of Securities (General) Rules 1979. The amendments–

(a) enable an offer of exchange (or notice inviting applications for exchange), to be made by the Treasury or an agent of the Treasury (the Rules previously contemplated that this would be done only by the Bank of England, the Bank of Ireland or the Director of Savings), and provide for acceptance forms to be supplied by such a person (the Rules previously provided for this to be done by the person with whom the acceptance was required to be lodged);

(b) enable an acceptance form to be lodged with the Treasury for onward transmission to the person with whom it would otherwise have to be lodged;

(c) enable an acceptance by a CGO Service member in respect of a holding transferable by exempt transfer to be made by electronic means approved by the Treasury; and

(d) remove some provisions relating to the role of the National Debt Commissioners in relation to the National Savings Stock Register in consequence of the Commissioners having lost their functions with respect to that Register by virtue of the National Savings Stock Register (Closure of Register to Gilts) Order 1998 (S.I. 1998/1446; see Schedule 2, Part II, the revocation of regulation 3 of S.I. 1976/2012).