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(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 Frankfurt Stock Exchange, a regulated market operated by Deutsche Borse AG, and the Open Market, a multilateral trading facility operated by Deutsche Borse AG (“the Deutsche Borse AG exchanges”). The transfers and agreements exempted are those involving Eurex Clearing AG (“Eurex Clearing”) and nominees of that clearing house, (through whom transactions on the Deutsche Borse AG exchanges are cleared).
Regulation 1 provides for citation, commencement and effect, and regulation 2 contains definitions.
Regulation 3 prescribes the Frankfurt Stock Exchange and the Open Market as recognised investment exchanges, and Eurex Clearing as a recognised clearing house for the purpose of the exemption.
Regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.
A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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