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Securities transferred by means of electronic systems
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69. (1) The Principal Act is amended—
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(a) by the deletion of sections 68, 69, 70, 71, 72, 73, 76, 77 and 78,
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(b) in section 78A—
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(i) in subsection (1)—
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(I) by the deletion of the definition of “dematerialised securities”, and
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(II) by the insertion of the following definitions:
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“‘operator’ means a person who operates a securities settlement system;
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‘participant’ means a person permitted by an operator to input a transfer order;”,
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and
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(ii) by the substitution of the following subsection for subsection (3):
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“(3) This Chapter applies only where an interest in securities is transferred by electronic means.”,
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(c) in section 78H, by the insertion of the following subsection after subsection (1):
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“(1A) Where—
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(a) an agreement referred to in section 78E(2) is in force between the Commissioners and an operator in relation to the payment of stamp duty, and
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(b) there is a transfer of an interest in securities in the system that is the subject of the agreement concerned,
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subsection (1) shall apply only to the person who enters, or causes to be entered, the transfer order in that system.”,
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(d) in section 134A—
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(i) in subsection (1)—
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(I) by the deletion of “ ‘instruction’, ‘relevant system’ and ‘system-member’ have each the same meaning as they have, respectively, in section 68(2);”,
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(II) by the insertion of the following definitions:
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“ osq/>participant’, ‘securities settlement system’ and ‘transfer order’ have the same meaning as they have, respectively, in section 78A;”,
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and
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(III) in paragraph (a) of the definition of “person”, by the substitution of “participant” for “system-member”,
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(ii) in subsection (2), by the substitution of the following paragraph for paragraph (b):
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“(b) enters or causes to be entered an incorrect transfer order in a securities settlement system and such incorrect transfer order gives rise to an underpayment of duty, or results in a claim for exemption from duty to which there is no entitlement,”,
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and
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(iii) in subsection (4), by the substitution of the following paragraph for paragraph (b):
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“(b) enters or causes to be entered an incorrect transfer order in a securities settlement system and such incorrect transfer order gives rise to an underpayment of duty, or results in a claim for exemption from duty to which there is no entitlement.”,
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(e) in section 159A(1), by the substitution of “the date the transfer order referred to in section 78B was entered” for “the date the operator-instruction referred to in section 69 was made”,
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(f) in section 159B(1), in the definition of “relevant document”, by the substitution of the following paragraph for paragraph (b):
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“(b) a transfer order entered in a securities settlement system under section 78B;”,
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and
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(g) in section 159C(1)—
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(i) in the definition of “neglect”, by the substitution of the following paragraph for paragraph (c):
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“(c) in the case of a transfer order referred to in section 78B, a failure to enter a correct transfer order in a securities settlement system within the meaning of section 78A;”,
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(ii) in the definition of “relevant instrument”, by the substitution of the following paragraph for paragraph (b):
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“(b) a transfer order referred to in section 78B;”,
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and
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(iii) in paragraph (a) of the definition of “relevant period”, by the substitution of the following subparagraph for subparagraph (iii):
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“(iii) the date the transfer order was entered,”.
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(2) Subsection (1) shall come into operation on 1 January 2023.
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