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Amendment of section 75 (relief for intermediaries) of Principal Act.
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114.— (1) Section 75 of the Principal Act is amended—
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(a) in subsection (1) by inserting the following before the definition of “excluded business”:
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“ ‘ competent authority ’ has the meaning assigned to it by the Directive;
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‘ Directive ’ means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended from time to time;”,
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and
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(b) by inserting the following after subsection (2):
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“(2A) For the purposes of subsection (2), a transfer of securities shall be deemed to be effected on an exchange or market, where the transfer of securities gives effect to a transaction that is required by a competent authority, in accordance with the Directive, to be reported directly or indirectly to the competent authority and is so reported in accordance with that requirement.”.
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(2) This section applies to instruments executed on or after 1 November 2007.
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