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The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009

Issue of certificates etc on allotment or transfer to financial institutionU.K.

This section has no associated Explanatory Memorandum

28.  Section 778 applies to LLPs, modified so that it reads as follows—

“Issue of certificates etc: allotment or transfer to financial institution

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