Statutory Instruments

1991 No. 1145

SECURITIES

The Stock Transfer (Gilt-Edged Securities) (Exempt Transfer)Regulations 1991

Made

15th April 1991

Laid before Parliament

10th May 1991

Coming into force

1st June 1991

Whereas the securities which are the subject of these Regulationsare for the time being specified in the list in Schedule 1 to the StockTransfer Act 1982(1);

And whereas the person issuing such securities has agreed that thesecurities may be transferred through the medium of a computer-basedsystem established by the Bank of England and The International StockExchange:

Now, therefore, the Treasury, in exercise of the powers conferredon them by section 1(1) and (4) of the Stock Transfer Act 1982, and ofall other powers enabling them in that behalf, hereby make the followingRegulations:-

Citation and commencement

1. These Regulations may be cited as the Stock Transfer (Gilt-EdgedSecurities) (Exempt Transfer) Regulations 1991 and shall come into forceon 1st June 1991.

Interpretation

2. In these Regulations:-

"the Bank" means the Bank of England;

"the CGO" means the Central Gilts Office of the Bank;

"the CGO Service" means the computer-based system established by the Bank and TheInternational Stock Exchange to facilitate the transfer of gilt-edgedsecurities; and"CGO Service member" means a person who is entitled under a contract with the Bank touse the CGO Service.

Exempt Transfers

3. Securities on registers kept by the Bank which have been issued inthe United Kingdom or which may from time to time be issued in theUnited Kingdom by the European Bank for Reconstruction and Developmentmay be transferred by a CGO Service member through the medium of the CGOService.

Thomas Sackville

Sydney Chapman

Two of the Lords Commissioners of Her Majesty's Treasury

15th April 1991

Explanatory Note

(This note is not part of the Regulations)

These Regulations specify further gilt-edged securities, namelysecurities which are on registers kept by the Bank of England and issuedin the United Kingdom by the European Bank for Reconstruction andDevelopment, which may be transferred by CGO Service members through theCGO Service established by the Central Gilts Office of the Bank and theInternational Stock Exchange. Other securities which may be transferredare specified in the Stock Transfer (Gilt-edged Securities) (ExemptTransfer) Regulations 1985 (S.I. 1985/1145, amended by S.I. 1990/1027),1987 (S.I. 1987/1294), 1988 (S.I. 1988/232), 1989 (S.I. 1989/880) and1990 (S.I. 1990/1211, 2547). Transfers will be effective under section1(2) of the Stock Transfer Act 1982 without the need for an instrumentin writing.

(1)

1982 c. 41; Schedule 1 was amended by the Stock Transfer(Specified Securities) Order 1988 (S.I. 1988/231) and by the StockTransfer (Specified Securities) Order 1991 (S.I. 1991/340).