PART 2Amendments to primary legislation

Finance Act 19915

1

Part 4 of the Finance Act 199118 (stamp duty and stamp duty reserve tax) is amended as follows.

2

In section 11619—

a

in subsection (4)—

i

omit paragraph (aa);

ii

for sub-paragraph (i) of paragraph (b) substitute—

i

a UK regulated market (within the meaning given by Article 2.1(13A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments)20;

ia

a UK multilateral trading facility (within the meaning given by Article 2.1(14A) of that Regulation);

ib

an EU regulated market (within the meaning given by Article 2.1(13B) of that Regulation);

ic

an EU multilateral trading facility (within the meaning given by Article 2.1 (14B) of that Regulation);

id

a regulated market (within the meaning given by Article 2.1(13) of that Regulation) which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar21;

ie

a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;

b

after subsection (4) insert—

5

In subsection (4)(ie) “multilateral system”, “investment firm”, “market operator” and “financial instrument” have the meanings given by Articles 2.1(11), 2.1A, 2.1(10) and 2.1(9) respectively of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.