Statutory Instruments
1999 No. 1209
FINANCIAL SERVICES
The Financial Markets and Insolvency (CGO Service) Regulations 1999
Made
21st April 1999
Laid before Parliament
22nd April 1999
Coming into force in accordance with regulation 1
The Treasury and the Secretary of State, in exercise of the powers conferred by sections 173(4) and (5), 174(2) to (4), 185 and 186 of the Companies Act 1989( 1 ), and having consulted the Bank of England in accordance with sections 173(6) and 174(5) of that Act, hereby makes the following Regulations:
Citation and commencement
1. —(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.
Interpretation
2. In these regulations–
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“CGO Service” has the same meaning as in the principal Regulations; and
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“the principal Regulations” means the Financial Markets and Insolvency Regulations 1991 ( 2 ).
Amendment of the principal Regulations
3. —(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”.
Clive Betts
Jim Dowd
Two of the Lords' Commissioners of Her Majesty’s Treasury
21st April 1999
Kim Howells
Parliamentary Under Secretary of State,
Department of Trade and Industry
21st April 1999
1989 c. 40 . The powers originally vested in the Secretary of State by sections 173, 174, 185 and 186 of the Companies Act 1989 are now exercisable by him jointly with the Treasury by virtue of the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315 ).
S.I. 1991/880 .