Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the seven sets of principal Stock Transfer (Gilt-edged Securities) (Exempt Transfer) Regulations which enable securities of the descriptions specified in them to be transferred by a CGO Service member through the medium of the CGO Service. The amendments, which relate to definitions in the principal Regulations, enable those Regulations to continue to apply after the responsibility for operating the CGO Service is transferred from the Bank of England to CRESTCo Limited. This is intended to occur on a contractual basis on 24th May 1999 but, if notice is given in the London, Edinburgh and Belfast Gazettes that the transfer of responsibility will not occur until a later date, the commencement of these Regulations is postponed until the day on which the responsibility is transferred (which will be specified in either the original notice or a subsequent notice published in the same Gazettes prior to the specified day).