Citation, commencement and effect

1. —(1) These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (Eurex Clearing AG) (Amendment) Regulations 2008 and shall come into force on 19th February 2008.

(2) These Regulations shall have effect—

(a) for the purposes of the charge to stamp duty, in relation to instruments executed on or after 19th February 2008;

(b) for the purposes of the charge to stamp duty reserve tax—

(i) in the case of agreements to transfer equities which are not conditional, in relation to agreements made on or after 19th February 2008;

(ii) in the case of agreements to transfer equities which are conditional, in relation to agreements where the condition is satisfied on or after that date.

Interpretation

2. In these Regulations, “the principal Regulations” means the Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (Eurex Clearing AG) Regulations 2007( 2 ).

Amendment of the principal Regulations

3. The principal Regulations are amended as follows.

4. —(1) Regulation 2 (interpretation) is amended as follows.

(2) In the definition of “clearing member”, in paragraph (1)(b)(ii), for the words “a member of that exchange who is not a clearing member” substitute “a non-clearing member”.

(3) In the definition of “Eurex Clearing AG”, delete the words from “in its capacity” to the end.

(4) Insert the following definition before the definition of “option”—

“ “non-clearing member” means a member of the Eurex exchange who is not a clearing member, in his capacity as such or in his capacity as a person who is a party to a transaction with a clearing member which is otherwise permitted to be cleared by the rules of Eurex Clearing AG; ” .

5. —(1)Regulation 3 (prescription of recognised clearing house) is amended as follows.

(2) For regulation 3, substitute—

“ Prescription of recognised investment exchanges and recognised clearing house

3. For the purposes of sections 116 and 117 of the Finance Act 1991—

(a) Eurex Deutschland is prescribed as a recognised investment exchange;

(b) Eurex Zurich is prescribed as a recognised investment exchange; and

(c) Eurex Clearing AG is prescribed as a recognised clearing house. ”

6. At the end of Regulation 4, insert—

“ Here, and in regulation 5, references to Eurex Clearing AG are references to that clearing house in its capacity as a person providing clearing services in connection with a transaction made on the Eurex exchange or otherwise permitted to be cleared by the rules of that clearing house. ”

7. —(1)Regulation 5 (transfers of securities from Eurex Clearing AG – prescribed circumstances) is amended as follows.

(2) In paragraph (a), delete “or”.

(3) After paragraph (b), insert—

“ (c) a non-clearing member, or

(d) a person whose business is or includes holding such equities as a nominee for a non-clearing member, ” .

(4) In consequence of the amendments made by this regulation, in the heading of regulation 5 of the principal Regulations, after the words “Eurex Clearing AG”, insert “or a non-clearing member”.