Finance Act, 1996

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PART IV

Stamp Duties

Chapter I

Special provisions relating to uncertificated securities

Interpretation ( Chapter I ).

101.—(1) (a) In this Chapter—

“the Act of 1891” means the Stamp Act, 1891;

“certificated securities” means securities other than uncertificated securities;

“Commissioners” means the Revenue Commissioners;

“market maker” means a person who—

(i) holds himself or herself out at all normal times in compliance with the rules of the Irish Stock Exchange Limited or the London Stock Exchange Limited as willing to buy and sell securities at a price specified by him or her, and

(ii) is recognised as doing so by the Irish Stock Exchange Limited or the London Stock Exchange Limited;

“member firm” means a member firm of the Irish Stock Exchange Limited, or of the London Stock Exchange Limited, which is not acting in the ordinary course of business as a market maker in securities of the kind concerned;

“relevant period” means the period between the 1st day of September, 1996, and the 31st day of March, 1997, or any subsequent period of 6 months ending on the 30th day of September or the 31st day of March;

“securities” means any stocks or marketable securities;

“the Stamp Acts” means the Stamp Act, 1891, and every other enactment relating to stamp duty;

“uncertificated securities” means any securities, title to which is, by virtue of the Companies Act, 1990 (Uncertificated Securities) Regulations, 1996 ( S.I. No. 68 of 1996 ), transferable by means of a relevant system.

(b) In this Chapter, “generate”, “instruction”, “operator”, “operator-instruction”, “relevant system” and “system-member” have the same meanings, respectively, as they have in the Companies Act, 1990 (Uncertificated Securities) Regulations, 1996.

(c) In this Chapter, references to title to securities include any legal or equitable interest in securities.

(2) This Chapter applies in relation to instruments executed on or after the 1st day of September, 1996.