{
  "url": "https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1988/regulation-12",
  "json_url": "https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1988/regulation-12.json",
  "legislation": "uksi/1988/646",
  "legislation_title": "The Banking Act 1987 (Exempt Transactions) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1988",
  "path": "regulation/12",
  "kind": "regulation",
  "number": "12",
  "heading": "Sterling debt securities",
  "text": "The acceptance by a company of a deposit on terms involving the issue of any sterling debt security is an exempt transaction if—\n(a) either—\n(i) the company has issued shares which have either been admitted to the Official List (and are not the subject of a Council notice cancelling or suspending the listing or suspending dealings) or are dealt in on the Unlisted Securities Market (and are not the subject of a Council notice cancelling or suspending dealings), and the company at the time that it accepts the deposit is in compliance with its obligations in respect of such shares under the listing rules or (as the case may be) under any undertaking given to The Stock Exchange pursuant to which its shares are dealt in on the Unlisted Securities Market, or\n(ii) the company is a wholly-owned subsidiary of a company which satisfies the condition set out in sub-paragraph (a)(i) of this paragraph and the latter company has guaranteed to the holder of the sterling debt security the repayment of the principal and the payment of any interest or premium in connection with that sterling debt security;\n(b) the deposit is an amount of not less than £100,000 and in consideration of the deposit a single sterling debt security is issued the whole or any part of which—\n(i) may not be redeemed for at least one year from the date of issue, and\n(ii) may be transferred only if the aggregate redemption value of sterling debt securities being transferred is not less than £100,000; and\n(c) either—\n(i) application has been made for admission of the sterling debt security to the Official List in accordance with the listing rules and the Council has approved the applicable listing particulars, and the company at the time that it accepts the deposit is in compliance with its obligations under the listing rules in respect of such security, or\n(ii) the sterling debt security is offered by a prospectus which contains the information specified in sections 56(1) and 63 of the Companies Act 1985, or which, in the case of a company of a kind described in section 72 of that Act, contains the information specified in subsections (2) and (3) of that section, or which complies with the requirements of the corresponding Northern Ireland legislation.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1985 c. 6; Part III (capital issues) is repealed by Part I of Schedule 2 to the Financial Services Act 1986 (c. 60) with effect from a day to be appointed."
    }
  ],
  "outstanding_effects": [
    {
      "type": "revoked",
      "affecting": "uksi/1990/20",
      "affecting_title": "The Banking Act 1987 (Exempt Transactions) (Amendment) Regulations 1990"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/646/regulation/12",
    "retrieved_at": "2026-10-29T16:08:23.294234+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}