(This note is not part of the Regulations)
These Regulations replace the corresponding regulations specified in the Schedule of Revocations to S.I. 2011 No. 665. They give relief from stamp duty and stamp duty reserve tax (“SDRT”) to certain transfers of, or agreements to transfer, traded securities or options made in the course of trading in those traded securities or options either on a facility or over the counter. The transfers and agreements eligible for relief are those involving European Multilateral Clearing Facility N.V. (“EMCF”), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of EMCF and its nominees.
Regulation 1 provides for citation, commencement and effect, and regulation 2 contains definitions.
Regulation 3 prescribes EMCF as recognised clearing house for the purpose of the relief.
Regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.
A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.