Explanatory note

These Regulations further amend the Government Stock Regulations 1965.

The amendments made by regulations 3 and 4 enable stock in the English Register to be purchased and sold though the Bank of England and set out the conditions subject to which this service will be provided. Commission will be payable in accordance with the table set out in the Schedule (which is identical to the table of Commission applicable, immediately before the commencement of these Regulations, to sales and purchases of stock in the National Savings Stock Register through the Director of Savings, by virtue of regulation 12 of, and Schedule 1 to, the National Savings Stock Register Regulations 1976, S.I. 1976/2012 as amended by S.I. 1996/156). Application for sale or purchase must be made in a form approved by the Bank accompanied (except where the Bank otherwise directs), in the case of a purchase by a sum sufficient to cover the purchase price and commission, and in the case of a sale by any stock certificate. Where a purchase is made where the sum received by the Bank is insufficient to defray the aggregate of the purchase price and the commission due the Bank may, if the amount of the deficiency is not paid within 7 days of the sending of a deficiency notice to the applicant, sell the stock to recoup the deficiency. Strips of stock may not be purchased or sold through this service.

The amendment made by regulation 6 reduces from 30 years to 12 years the period after which the Bank of England or the Bank of Ireland may destroy an instrument of transfer which it had retained after registering the transfer.