The Financial Markets and Insolvency (CGO Service) Regulations 1999

• Citation: S.I. 1999/1209
• Sections: 3

Section 1 Citation and commencement

(1) These Regulations may be cited as the Financial Markets and Insolvency (CGO Service) 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.

Section 2 Interpretation

In these regulations–

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

“the principal Regulations” means the Financial Markets and Insolvency Regulations 1991 .

Section 3 Amendment of the principal Regulations

(1) Regulation 7 of the principal Regulations (interpretation) shall be amended–

(a) by deleting the definition of “CGO”;

(b) 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)”;

(c) in the definition of “former CGO Service member” by deleting the words “by contract with the Bank”; and

(d) in the definition “settlement bank” by substituting for the words “the Bank” the words “CRESTCo Limited (which is now responsible for operating the CGO Service)”.

(2) Regulation 12 of the principal Regulations (circumstances in which CGO charge to be treated as market charge) shall be amended by substituting for the expression “CGO” the words “CGO Service”.