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The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No. 5) 2010

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2.  In these Regulations—

“clearing participant” means a member of—

(a)

EuroCCP who as such is permitted by the Rules of EuroCCP, or

(b)

X-CLEAR who as such is permitted by the Rules of X-CLEAR,

to clear transactions made on the UBS MTF for a traded security and who may or may not also be a participant on the UBS MTF;

“client” means a person who gives instructions to a non-clearing firm for traded securities to be sold on the UBS MTF;

“EuroCCP” means European Central Counterparty Limited(1);

“X-CLEAR” means SIX X-CLEAR AG;

“nominee” means a person whose business is or includes holding traded securities as a nominee for EuroCCP or X-CLEAR acting in its capacity as a person providing clearing services in connection with a transaction made on the UBS MTF, or as a nominee for a clearing participant;

“non-clearing firm” means a participant on the UBS MTF other than a clearing participant;

“traded securities” means stocks and shares which are issued or raised by a body corporate but does not include stocks and shares issued or raised by a body corporate not incorporated in the United Kingdom unless—

(c)

the stocks and shares are registered in a register kept in the United Kingdom by or on behalf of the body corporate; or

(d)

in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 1986(2), with shares issued by a body incorporated in the United Kingdom;

“UBS MTF” is a multilateral trading facility operated by UBS Limited(3).

(1)

EuroCCP and X-CLEAR are recognised clearing houses within the meaning of the Financial Services and Markets Act 2000 and sections 116(4)(c) and 117(3) of the Finance Act 1991.

(2)

1986 c. 41. Section 99(6A) was inserted by section 144 of the Finance Act 1988 (c. 39), and was amended by section 113(2) of the Finance Act 1990 (c. 29).

(3)

UBS Limited is permitted under the Financial Services and Markets Act 2000 to operate a multilateral trading facility within the meaning of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (O.J. L 145, 30.4.2004, p. 1).

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