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The Finance Act 1986 (Stamp Duty and Stamp Duty Reserve Tax) (Amendment) Regulations 1992
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- UK Statutory Instruments
- 1992 No. 3286
- Regulation 3
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3. For subsection (3) of section 89 of the Finance Act 1986(1) there shall be substituted the following subsection—
“(3) For the purposes of this section a person is a market maker in securities of a particular kind—
(a)if he—
(i)holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell securities of that kind at a price specified by him, and
(ii)is recognised as doing so by the Council of The Stock Exchange; or
(b)if—
(i)he is an authorised person under Chapter III of Part I of the Financial Services Act 1986,
(ii)he makes the agreement in the course of his business as a dealer in investments, within the meaning of paragraph 12 of Schedule 1 to the Financial Services Act 1986, as a principal and in circumstances where that paragraph is applicable for the purposes of that Act,
(iii)he does not make the agreement in the course of any activities which fall within paragraph 14 or 16 of Schedule 1 to the Financial Services Act 1986, and
(iv)the securities are not at the time the agreement is made dealt in on a recognised investment exchange within the meaning of the Financial Services Act 1986; or
(c)if—
(i)that person is a European institution, within the meaning of regulation 3 of the Banking Coordination (Second Council Directive) Regulations 1992, which carries on investment business, within the meaning of section 1(2) of the Financial Services Act 1986, in the United Kingdom,
(ii)the agreement is made by the institution as a principal in the course of its investment business,
(iii)the agreement is not made in the course of any activities which fall within paragraph 14 or 16 of Schedule 1 to the Financial Services Act 1986, and
(iv)the securities are not at the time the agreement is made dealt in on a recognised investment exchange within the meaning of the Financial Services Act 1986.”.
(1)
Subsection (3) was previously substituted by S.I. 1988/654.
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