Manufactured Dividends and Interest

Schedule 13 – in the House of Commons at 1:45 am on 15th July 1991.

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Amendments made: No. 34, in page 131, line 25, at end insert— 'recognised clearing house" means a recognised clearing house within the meaning of the Financial Services Act 1986;'.

No. 35, in page 131, line 27, leave out 'the Financial Services Act 1986' and insert 'that Act'.

No. 36, in page 131, line 30, after 'payment", insert 'subject to any regulations under sub-paragraph (2) below'.

No. 37, in page 131, line 34, leave out from beginning to end of line 45 and insert— '(b) any manufactured dividend or manufactured interest not falling within paragraph (a) above which is paid in respect of United Kingdom securities or United Kingdom equities by a person other than one who is—

  1. (i) a market maker in relation to United Kingdom securities or United Kingdom equities of the kind in question, or
  2. (ii) in such circumstances as may be prescribed, a member, of a prescribed class or description, of a prescribed recognised investment exchange, or
  3. (iii) in such circumstances as may be prescribed, a prescribed recognised clearing house,
and which is so paid otherwise than in connection with an approved stock lending arrangement;'.

No. 38, in page 140, line 51, leave out 'and' and insert— '"recognised investment exchange" means a recognised investment exchange within the meaning of the Finacial Services Act 1986"; and'.

No. 39, in page 141, line 2, after 'manufacturer', insert '(a)'.

No. 33, in page 141, line 4, after 'Kingdom', insert 'or (b) is a member, of a prescribed class or description, of a prescribed recognised investment exchange,'.

No. 40, in page 141, line 8, leave out from le to 'may' in line 9 and insert— '(7B) Without prejudice to the generality of subsection (7A) above, dividend manufacturing regulations made by virtue of that subsection'.

No. 41, in page 141, line 16, leave out from 'paid' to 'for' in line 17 and insert— 'and, without prejudice to the generality of paragraph (c) above, any regulations made for the purpose specified in that paragraph may include provision, in a case falling within subsection (7A)(a) above,'.—[Mr. Maude.]