Article 78 Government and public securities

United Kingdom

(1)

Subject to paragraph (2), loan stock, bonds and other instruments creating or acknowledging indebtedness, issued by or on behalf of any of the following—

(a)

the government of the United Kingdom;

(b)

the Scottish Administration;

(c)

the Executive Committee of the Northern Ireland Assembly;

(d)

the National Assembly for Wales;

(e)

the government of any country or territory outside the United Kingdom;

(f)

a local authority in the United Kingdom or elsewhere; or

(g)

a body the members of which comprise—

(i)

states including the United Kingdom F1...; or

(ii)

bodies whose members comprise states including the United Kingdom F2....

(2)

F3Subject to paragraph (3), there are excluded from paragraph (1)—

(a)

so far as applicable, the instruments mentioned in article 77(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.

F4(3)

Paragraph (2)(a) does not exclude an instrument which meets the requirements set out in sub-paragraphs (a) to (e) of article 77A(2).

Annotations

Textual amendments

F1: Words in art. 78(1)(g)(i) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 153 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in art. 78(1)(g)(ii) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 153 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in art. 78(2) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(4)
F4: Art. 78(3) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(5)

Marginal citations

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