For subsection (4) of section 185 of the 1985 Act (duty of company to issue certificates in relation to shares allotted or transferred)14 substitute—

“(4)

Subsection (4A) applies in relation to a company—

(a)

of which shares or debentures are allotted to a financial institution,

(b)

of which debenture stock is allotted to a financial institution, or

(c)

with which a transfer for transferring shares, debentures or debenture stock to a financial institution is lodged.

(4A)

The company is not required, in consequence of that allotment or transfer, to comply with subsection (1).

(4B)

“Financial institution” means—

(a)

a recognised clearing house acting in relation to a recognised investment exchange; or

(b)

a nominee of—

(i)

a recognised clearing house acting in that way; or

(ii)

a recognised investment exchange.

(4C)

No person may be a nominee for the purposes of this section unless he is a person designated for those purposes in the rules of the recognised investment exchange in question.

(4D)

Expressions used in subsections (4B) and (4C) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.