The Stock Transfer (Gilt-edged Securities) (CGO Service) (Amendment) Regulations 1999

• Citation: S.I. 1999/1208
• Sections: 5

Section 1 Title, commencement and interpretation

(1) These Regulations may be cited as the Stock Transfer (Gilt-edged Securities) (CGO Service) (Amendment) Regulations 1999 and, subject to the following provisions of this Regulation, shall come into force on 24th May 1999.

(2) If notice is given that the responsibility for operating the CGO Service is not to be transferred from the Bank of England to CRESTCo Limited on or before 24th May 1999 nothing in these Regulations shall have effect until such day, of which prior notice is given, on which that responsibility is so transferred.

(3) For the purposes of paragraph (2) above, notice is given by the Bank of England and CRESTCo Limited by a notice published in the London, Edinburgh and Belfast Gazettes.

(4) In these Regulations:–

“the CGO Service” has the same meaning as in the principal Regulations ; and

“the principal Regulations” means the Stock Transfer (Gilt-edged Securities) (CGO Service) Regulations 1985 .

Section 2 Amendment of principal Regulations

Regulation 2 of the principal Regulations (interpretation) shall be amended–

(a) in the definition of “the CGO” by substituting for the words “the Central Gilts Office of the Bank” the words “CRESTCo Limited”;

(b) in the definition of “the CGO Rules” by substituting for the words “the Bank” the word “or”; and

(c) in the definition of “CGO Service member” by substituting for the words “the Bank” the words “CRESTCo Limited (which is now responsible for operating the CGO Service)”.

Section 3 Amendment of principal Regulations

For regulation 3 of the principal Regulations (representation by the Bank), there shall be substituted the following–

Representation by the CGO

(3) Where the CGO indicates through the CGO Service or on an instrument of transfer in writing that securities are, or have been, held within the CGO Service for the account of a person, such indication shall be taken as a representation by the CGO to any person acting on the faith of it that the person for whose account the securities are or were so held is or was a CGO Service member at the time the securities are or were so held, but such indication shall not be taken as a representation that the CGO Service member has or had any title to the securities.

Section 4 Amendment of principal Regulations

In regulation 6 of the principal Regulations (protection of the Bank in relation to trusts), for the word “Bank” where it occurs in the cross-heading and in the body of the regulation there shall be substituted the letters “CGO”.

Section 5 Amendment of principal Regulations

Regulation 7 of the principal Regulations (protection of Bank in relation to certain transfers of strips) shall be amended–

(a) in the cross-heading by inserting after the word “Bank” the phrase “and CGO”;

(b) in paragraph (2) by omitting the words “by the Bank acting”; and

(c) in paragraph (3) by–

(i) substituting for the words “The Bank may effect any transfer” the words “Any transfer may be effected”,

(ii) omitting the words “to the Bank”,

(iii) inserting after the words “of the Bank” the words “, or of the CGO,” and

(iv) inserting after the words “being the Bank” the words “or the CGO”.