Paragraph 16 Government and public securities

United Kingdom

(1)

Subject to sub-paragraph (2), loan stock, bonds and other instruments—

(a)

creating or acknowledging indebtedness; and

(b)

issued by or on behalf of a government, local authority (whether in the United Kingdom or elsewhere) or international organisation.

(2)

F1Subject to sub-paragraph (3), there are excluded from sub-paragraph (1)—

(a)

so far as applicable, the instruments mentioned in paragraph 15(2)(a) to (d);

(b)

any instrument creating or acknowledging indebtedness in respect of—

(i)

money received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank;

(ii)

money raised under the National Loans Act 1968 M1 under the auspices of the Director of Savings or treated as so raised by virtue of section 11(3) of the National Debt Act 1972 M2.

F2(3)

Sub-paragraph (2)(a) does not exclude an instrument which meets the requirements set out in paragraphs (a) to (e) of paragraph 15A(2).

Annotations

Textual amendments

F1: Words in Sch. 1 para. 16(2) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(iv)
F2: Sch. 1 para. 16(3) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(v)

Marginal citations

M1: 1968 c. 13.
M2: 1972 c. 65.