The Stamp Duty and Stamp Duty Reserve Tax (European Central Counterparty N.V.) Regulations 2014

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations revoke the Stamp Duty and Stamp Duty Reserve Tax (European Multilateral Clearing Facility N.V.) Regulations 2011 (S.I. 2011/668) (the “EMCF Regulations”) and replace the EMCF Regulations with these Regulations.

The Regulations give relief from stamp duty and stamp duty reserve tax (“SDRT”) to certain transfers of, or agreements to transfer, traded securities or options made in the course of trading in those traded securities or options either on a facility or over the counter. The transfers and agreements eligible for relief are those involving European Central Counterparty N.V. (“ECCN”), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of ECCN and its nominees.

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

Regulation 3 prescribes ECCN as a recognised clearing house for the purposes of the relief.

Regulation 4 prescribes the circumstances in which the stamp duty and SDRT will not be charged.

Regulation 5 revokes the EMCF Regulations. The purpose of the revocation and these Regulations is to reflect the change of name of European Multilateral Clearing Facility N.V. (“EMCF”) to ECCN. The change of name from EMCF to ECCN is effective from 6th January 2014.

A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://hmrc.gov.uk/thelibrary/tiins.htm.