Point in time view as at 28/11/2017.
The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009, Section 28 is up to date with all changes known to be in force on or before 01 March 2025. 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.
28. Section 778 applies to LLPs, modified so that it reads as follows—
778.—(1) An LLP—
(a)of which 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 debentures or debenture stock to a financial institution is lodged,
is not required in consequence of that allotment or transfer to comply with section 769(1) or 776(1) (duty of LLP as to issue of certificates etc).
(2) A “financial institution” means—
(a)a recognised clearing house [F1or a recognised CSD] acting in relation to a recognised investment exchange, or
(b)a nominee of—
(i)a recognised clearing house [F1or a recognised CSD] acting in that way, or
(ii)a recognised investment exchange,
designated for the purposes of this section in the rules of the recognised investment exchange in question.
(3) Expressions used in subsection (2) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000 (c. 8).”.
Textual Amendments
F1Words in reg. 28 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 33 (with regs. 7(4), 9(1))
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