Disclosure of Interests in Shares (Amendment) Regulations (Northern Ireland) 1996

Interests to be disregarded for disclosure purposes

2.  After paragraph (9) of Article 217 of the Companies (Northern Ireland) Order 1986(1) (interests to be disregarded for disclosure purposes) there shall be inserted the following paragraphs—

“(9A) Where—

(a) in pursuance of arrangements made with the operator of a relevant system—

(i) securities of a particular aggregate value are on any day transferred by means of that system from a person (“A”) to another person (“B”);

(ii) the securities are of kinds and amounts determined by the operator-system; and

(iii) the securities, or securities of the same kinds and amounts, are on the following day transferred by means of the relevant system from B to A; and

(b) the securities comprise any shares of a company,

any interest of B in those shares is also disregarded for the purposes of Articles 206 to 210.

(9B) For the purposes of paragraph (9A)—

(a) any day which, in England and Wales, is a non-business day for the purposes of the Bills of Exchange Act 1882(2) is disregarded; and

(b) expressions which are used in the Uncertificated Securities Regulations 1995(3) have the same meanings as in those Regulations.”.

(1)

Article 217 was substituted by regulations 2 and 8 of S.R. 1994 No. 2

(2)

1882 c. 61; section 92 (computation of time) was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).

(3)

S.I. 1995/3272