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The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003

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Cash ratio deposits

5.  In the Cash Ratio Deposits (Eligible Liabilities) Order 1998(1)–

(a)the reference to “acceptances” in paragraph (d) of the definition of “items in suspense” in article 2(1) includes a reference to obligations of an eligible institution (within the meaning of the Order) in respect of uncertificated units of an eligible debt security where the obligations correspond, in accordance with the current terms of issue of the security, to obligations under acceptances;

(b)the reference in article 2(5) to “any certificates of deposit” includes a reference to uncertificated units of an eligible debt security where the issue of the units corresponds, in accordance with the current terms of issue of the security, to the issue of a certificate of deposit;

(c)the reference in paragraph 2 of the Schedule to “certificates of deposit, commercial paper, bonds, notes and other similar instruments” includes a reference to uncertificated units of an eligible debt security where the issue of the units corresponds, in accordance with the current terms of issue of the security, to the issue of a certificate of deposit, commercial paper, bond, note or other similar instrument;

(d)the reference in paragraphs 9(a) and 11 of the Schedule to “certificates of deposit and commercial paper” includes a reference to uncertificated units of an eligible debt security where the issue of the units corresponds, in accordance with the current terms of issue of the security, to the issue of a certificate of deposit or commercial paper;

(e)the reference in paragraph 9(a) to “any instrument which falls within paragraph 11” includes a reference to any uncertificated units of an eligible debt security that fall within that paragraph as modified by this Schedule;

(f)the reference in paragraph 11 to “notes and other similar debt instruments” includes a reference to uncertificated units of an eligible debt security where the issue of the units corresponds, in accordance with the current terms of issue of the security, to the issue of such notes or instruments.

(1)

S.I. 1998/1130.

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