The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No. 8) 2009

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations exempt from stamp duty and stamp duty reserve tax (“SDRT”) certain transfers of, or agreements to transfer traded securities made in the course of trading in those securities on the Facility. The transfers and agreements exempted are those involving EuroCCP and/or LCH.Clearnet Limited and/or SIX X-CLEAR AG (“X-CLEAR”) (and nominees of either clearing house), through whom transactions on the Facility are cleared, or clearing participants in EuroCCP or LCH.Clearnet Limited or SIX X-CLEAR AG (and their nominees). These Regulations also exempt transactions on the Facility between EuroCCP, LCH.Clearnet Limited and SIX X-CLEAR AG.

Regulation 1 provides for citation, commencement and effect and regulation 2 contains definitions.

Regulation 3 prescribes the Facility as a recognised investment exchange and EuroCCP, LCH.Clearnet Limited and SIX X-CLEAR AG as recognised clearing houses for the purpose of the exemption and regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.

Regulation 5 makes consequential provisions requiring traded securities which are agreed to be transferred in the prescribed circumstances to be dealt with in a separate designated account.

Regulation 6 revokes the 2008 Regulations as respects instruments or agreements in relation to which the present Regulations have effect.

A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.