Financial Services Act 1986 (Uncertificated Securities) (Extension of Scope of Act) Order 1996

JurisdictionUK Non-devolved
CitationSI 1996/1322

1996 No. 1322

FINANCIAL SERVICES

The Financial Services Act 1986 (Uncertificated Securities) (Extension of Scope of Act) Order 1996

Made 16th May 1996

Laid before Parliament 16th May 1996

Coming into force 15th July 1996

The Treasury in exercise of the powers conferred on them by sections 2 and 205A1of the Financial Services Act 19862and all other powers enabling them in that behalf, hereby make the following Order:

S-1 Citation, commencement and interpretation

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Financial Services Act 1986 (Uncertificated Securities) (Extension of Scope of Act) Order 1996 and shall come into force on 15th July 1996.

(2) In this Order “the Act” means the Financial Services Act 1986.

S-2 Amendments to the Act

Amendments to the Act

2.—(1) After paragraph 16 of Schedule 1 to the Act there shall be added the following—

S-16A

Sending dematerialised instructions etc.

16A. Sending on behalf of another person dematerialised instructions relating to an investment by means of a relevant system in respect of which an Operator is approved under the Uncertificated Securities Regulations 19953, or offering or agreeing to do so, or causing on behalf of another person such instructions to be sent by such means or offering or agreeing to do so.

Notes(1) This paragraph does not apply to a person by reason of his sending, or causing the sending of, instructions on behalf of—(a) a participating issuer or settlement bank acting in its capacity as such; or(b) an offeror making a takeover offer,or by reason of his offering or agreeing to do so.(2) For the purposes of this paragraph a person shall be taken to cause, or to offer or agree to cause, the sending of a dematerialised instruction only if he is a system-participant.(3) In this paragraph—“dematerialised instruction”, “participating issuer”, “relevant system”, “settlement bank”,“system-participant” and “Operator” have the meanings given by regulation 3 of the Uncertificated Securities Regulations 1995; and“offeror” and “takeover offer” have the meanings given by section 428 of the Companies Act 19854.”

(2) After sub-paragraph (5) of paragraph 18 of Schedule 1 to the Act there shall be added the following—

S-5A

“5A Paragraph 16A does not apply to a body corporate by reason of its sending, or causing the sending of, dematerialised instructions relating to an investment or offering or agreeing to do so if—

(a) the person on whose behalf the instructions are, or are to be, sent or caused to be sent is a body corporate in the same group; and

(b) the...

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