Declaration by depositary for recognised clearing system
3.—(1) Subject to regulation 7(1), subsection (1)(b) of section 124 shall be taken not to apply to a payment of interest on a quoted Eurobond made to, or at the direction of, a depositary for a recognised clearing system unless the depositary has made a declaration in writing to the relevant payer.
(2) A declaration under paragraph (1) shall be in such form as the Board may require, and shall contain the information specified in paragraph (3) and the undertaking specified in paragraph (4).
(3) The information specified is—
(a)the full name of the recognised clearing system;
(b)the full name of the depositary;
(c)the address of the principal place of business of the depositary;
(d)the full name of the relevant payer to whom the declaration is made;
(e)a statement by the depositary that the interest payable by the relevant payer is in respect of a quoted Eurobond held in the recognised clearing system for which he acts as depositary;
(f)a statement by the depositary that the information contained in the declaration is correct to the best of his knowledge and belief.
(4) The undertaking specified is an undertaking that the depositary will notify the relevant payer to whom the declaration is made of any payments of interest to which the declaration does not apply, or has ceased to apply.
(5) A declaration under paragraph (1) shall be signed by an officer of the depositary authorised for that purpose, stating the capacity in which he signs.
(6) A declaration under paragraph (1) shall have effect in relation to any payments of interest on quoted Eurobonds arising to a depositary that are made after the declaration is made to the relevant payer, unless and until that person—
(a)receives a notification relating to those payments in accordance with the undertaking contained in the declaration,
(b)receives a notice from the Board under regulation 7(2) relating to those payments, or
(c)has reason to believe, by reference to information in his possession, that the declaration is, or has become, incorrect as respects those payments.