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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 over the counter. Over the counter transactions are those that may have been made by two persons directly (whether or not through brokers) or arranged on behalf of the buyer and seller of the traded securities (whether or not on an anonymous basis). An over the counter transaction will not have been made on a recognised investment exchange and will not have been made in accordance with the rules of any recognised investment exchange.
The transfers and agreements exempted by the Regulations are those involving LCH.Clearnet Limited and its nominees, through whom transactions are cleared, or clearing participants in LCH.Clearnet Limited (and their nominees).
Regulation 1 provides for citation, commencement and effect and regulation 2 contains definitions.
Regulation 3 prescribes LCH.Clearnet Limited 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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