Regulation 2 Interests to be disregarded for disclosure purposes

After subsection (9) of section 209 of the Companies Act 1985^f1 (interests to be disregarded for disclosure purposes) there shall be inserted the following subsections —

“(9A)

Where—

(a)

in pursuance of arrangements made with the operator of a relevant system—

(i)

securities of a particular aggregate value are on any day transferred by means of that system from a person (“A”) to another person (“B”);

(ii)

the securities are of kinds and amounts determined by the operator-system; and

(iii)

the securities, or securities of the same kinds and amounts, are on the following day transferred by means of the relevant system from B to A; and

(b)

the securities comprise any shares of a company,

any interest of B in those shares is also disregarded for the purposes of sections 198 to 202.

(9B)

For the purposes of subsection (9A)—

(a)

any day which, in England and Wales, is a non-business day for the purposes of the Bills of Exchange Act 1882^f2 is disregarded; and

(b)

expressions which are used in the Uncertificated Securities Regulations 1995^f3 have the same meanings as in those Regulations.”