# The Financial Markets and Insolvency Regulations 1991, Regulation 9: Amendments to section 173 of Act concerning certain charges granted in favour of The Stock Exchange and certain charges securing debts and liabilities arising in connection with allotment of specified securities

Extent: E+W+S

Section 173 of the Act (market charges) shall be amended—
(a) by inserting the following paragraph after section 173(1)(a)—
“(aa) in favour of The Stock Exchange, for the purpose of securing debts or liabilities arising in connection with short term certificates;”;
(b) by inserting, in section 173(1)(c), the words “or allotment” after the word “transfer” and the words “or allottee” after the word “transferee”;
(c) by inserting “(aa),” after the words “subsection (1)(a)” in section 173(2); and
(d) by substituting the following for the first line of section 173(3)—
“In subsection (1)—
“short term certificate” means an instrument issued by The Stock Exchange undertaking to procure the transfer of property of a value and description specified in the instrument to or to the order of the person to whom the instrument is issued or his endorsee or to a person acting on behalf of either of them and also undertaking to make appropriate payments in cash, in the event that the obligation to procure the transfer of property cannot be discharged in whole or in part;”

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Source: https://www.legislation.gov.uk/uksi/1991/880/regulation/9 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-regulations-1991/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.