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Financial Services Act 1986 (Repealed)
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- UK Public General Acts
- 1986 c. 60
- Part X
- Section 194
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Changes over time for: Section 194
Version Superseded: 01/12/2001
Alternative versions:
- 01/02/1991- Amendment
- 05/02/1991
Point in time - Stop date 01/12/2001- Amendment
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Point in time view as at 05/02/1991. This version of this provision has been superseded.
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Financial Services Act 1986 (Repealed), Section 194 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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194 Transfers to or from recognised clearing houses.U.K.
(1)In section 5 of the M1Stock Exchange (Completion of Bargains) Act 1976 (protection of trustees etc. in case of transfer of shares etc. to or from a stock exchange nominee)—
(a)for the words “a stock exchange nominee", in the first place where they occur, there shall be substituted the words “a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange";
(b)for those words in the second place where they occur there shall be substituted the words “such a clearing house or nominee";
(c)at the end there shall be added the words “; but no person shall be a nominee for the purposes of this section unless he is a person designated for the purposes of this section in the rules of the recognised investment exchange in question".
(2)The provisions of that section as amended by subsection (1) above shall become subsection (1) of that section and after that subsection there shall be inserted—
“(2)In this section “recognised clearing house” means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange within the meaning of that Act and “a recognised investment exchange” has the same meaning as in that Act.”
(3)In Article 7 of the M2Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 (protection of trustees etc. in case of transfer of shares etc. to or from a stock exchange nominee)—
(a)for the words “a stock exchange nominee", in the first place where they occur, there shall be substituted the words “a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange";
(b)for those words in the second place where they occur there shall be substituted the words “such a clearing house or nominee";
(c)at the end there shall be added the words “; but no person shall be a nominee for the purposes of this Article unless he is a person designated for the purposes of this Article in the rules of the recognised investment exchange in question".
(4)The provisions of that Article as amended by subsection (3) above shall become paragraph (1) of that Article and after that paragraph there shall be inserted—
“(2)In this Article “a recognised clearing house” means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange within the meaning of that Act and “a recognised investment exchange” has the same meaning as in that Act.”
(5)In subsection (4) of section 185 of the M3Companies Act 1985 (exemption from duty to issue certificates in respect of shares etc. in cases of allotment or transfer to a stock exchange nominee)—
(a)for the words “a stock exchange nominee" in the first place where they occur there shall be substituted the words “a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange";
(b)for those words in the second place where they occur there shall be substituted the words “such a clearing house or nominee";
(c)at the end of the first paragraph in that subsection there shall be inserted the words “; but no person shall be a nominee for the purposes of this section unless he is a person designated for the purposes of this section in the rules of the recognised investment exchange in question"; and
(d)for the second paragraph in that subsection there shall be substituted—
““Recognised clearing house” means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange and “recognised investment exchange” has the same meaning as in that Act.”.
(6)In paragraph (4) of Article 195 of the M4Companies (Northern Ireland) Order 1986 (duty to issue certificates in respect of shares etc. in cases of allotment or transfer unless it is to a stock exchange nominee)—
(a)for the words “a stock exchange nominee" in the first place where they occur there shall be substituted the words “a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange";
(b)for those words in the second place where they occur there shall be substituted the words “such a clearing house or nominee";
(c)at the end of the first sub-paragraph in that paragraph there shall be inserted the words “; but no person shall be a nominee for the purposes of this Article unless he is a person designated for the purposes of this Article in the rules of the recognised investment exchange in question"; and
(d)for the second sub-paragraph in that paragraph there shall be substituted “ “recognised clearing house” means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange and “recognised investment exchange” has the same meaning as in that Act.".
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