Banking Act 1979 (Exempt Transactions) (Amendment) Regulations 1985
| Jurisdiction | UK Non-devolved |
| Citation | SI 1985/564 |
1985 No. 564
BANKS AND BANKING
The Banking Act 1979 (Exempt Transactions) (Amendment) Regulations 19852ndApril 1985
3rdApril 1985
24thApril 1985
The Treasury, in exercise of the powers conferred upon them by section 2(1) and (5) of the Banking Act 1979(a) and of all other powers enabling them in that behalf hereby make the following regulations:—
Citation and commencement
1. These regulations may be cited as the Banking Act 1979 (Exempt Transactions) (Amendment) Regulations 1985, and shall come into operation on 24th April 1985.
Interpretation
2. In these regulations the expression "the principal regulations" means the Banking Act 1979 (Exempt Transactions) Regulations 1983(b).
Addition to principal regulations of regulation 15
3. The principal regulations shall be amended by the addition, after regulation 14, of the following new regulation:—
"Sterling debt securities
15.—(1) The acceptance by a company of a deposit on terms involving the issue of any sterling debt security is an exempt transaction if—
(a) either
(i) the company has issued shares which have either been admitted to official listing (and are not the subject of a Council notice cancelling or suspending the listing or suspending dealings) or are dealt in on the Unlisted Securities Market (and are not the subject of a Council notice cancelling or suspending dealings), and the company at the time that it accepts the deposit is in compliance with its obligations in respect of such shares under the Listing Regulations or (as the case may be) under any undertaking given to The Stock Exchange pursuant to which its shares are dealt in on the Unlisted Securities Market,
(a) 1979 c. 37.
(b) S.I. 1983/1865.
or
(ii) the company is a wholly-owned subsidiary of a company which satisfies the condition set out in sub-paragraph (a)(i) of this paragraph and the latter company has guaranteed to the holder of the sterling debt security the repayment of the principal and the payment of any interest or dividends in connection with that sterling debt security;
(b) the deposit is an amount of not less than £100,000 and in consideration of the deposit a single sterling debt security is issued the whole or any part of which—
(i) may not be redeemed for at least one year from the date of issue, and
(ii) may be transferred only if the aggregate redemption value of sterling debt securities being transferred is not less than £100,000;
(c) in respect of any sterling debt security issued on or...
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