PART 8Consequential amendments
Amendments to the Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011I147
1
The Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011103 are amended as follows.
2
In regulation 2—
a
at the appropriate place insert—
“clearing member client contract” has the same meaning as in section 155 of the Companies Act 1989;
“default rules” and “defaulting” have the same meaning as in section 188 of the Companies Act 1989;
“EEA central counterparty” and “third country central counterparty” have the same meaning as in section 285 of the Financial Services and Markets Act 2000;
b
in the definition of “nominee” after “prescribed recognised clearing house,” insert “prescribed EEA central counterparty or prescribed third country central counterparty”.
3
For regulation 3 substitute—
Prescription of CC&G3
CC&G is prescribed for the purposes of sections 116 and 117 of the Finance Act 1991.
4
In regulation 4—
a
in paragraph (1) after “prescribed by” insert “paragraph (1A) or”.
b
after paragraph (1) insert—
1A
The circumstances prescribed by this paragraph are where, in connection with a facility transaction or an over the counter transaction, the conditions in paragraphs (1B) and (1C) are met.
1B
A clearing member client contract entered into by a defaulting clearing participant (“DCP”) is transferred from the DCP to a non-defaulting clearing participant in accordance with the default rules of CC&G.
1C
The clearing member client contract referred to in paragraph (1B) does not represent the end transaction in the clearing of that contract either before or after the transfer.
c
in paragraph (2) after “The circumstances prescribed” insert “by this paragraph”;
d
at the end of paragraph (3)(f) omit “or”;
e
after paragraph (3)(f) insert—
fa
a prescribed EEA central counterparty or its nominee to CC&G or its nominee;
fb
a prescribed third country central counterparty or its nominee to CC&G or its nominee; or