Statutory Instrument 1992 No. 2930

The Building Societies (Liquid Asset) (Amendment) Regulations 1992

---

© Crown Copyright 1992

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Royal Arms and the Queen's Printer imprints.

The text of this Internet version of the Statutory Instrument has been prepared to reflect the text as it was Made. The authoritative version is the Queen's Printer copy published by The Stationery Office Limited as the The Building Societies (Liquid Asset) (Amendment) Regulations 1992, ISBN 0110257596. Purchase this item. For details of how to obtain an official copy see How to obtain The Stationery Office Limited titles.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1992 No. 2930

BUILDING SOCIETIES

The Building Societies (Liquid Asset) (Amendment) Regulations 1992

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred upon it by section 21(7) of the Building Societies Act 1986^[1], and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Building Societies (Liquid Asset) (Amendment) Regulations 1992 and shall come into force on 15th December 1992.

Amendment of previous Regulations
    2.    In Part I of the Schedule to the Building Societies (Liquid Asset) Regulations 1991^[2] ("the 1991 Regulations"):
 (a) there shall be substituted for "Sweden, Switzerland" in paragraphs 2(a) and 3(2)(b) the words "any EFTA State";
 (b) there shall be inserted in paragraphs 2(c), 3(1)(b) and (c), at the end of each, the words "and of any EFTA State"; and,
 (c) there shall be added:-
    "9.    Rights to any securities against any depository or clearing agent evidenced in writing or by electronic means." .

    3.    In Part II of the Schedule to the 1991 Regulations there shall be inserted in paragraph 4 after the word "Community" the words "and of any EFTA State".

    4.    In Part III of the Schedule to the 1991 Regulations there shall be inserted:

    (1)  before the definition of "commercial paper":
""clearing agent" means a person who holds a record whether in writing or by electronic means of the rights to securities of his principals and provides a service to the principals enabling them to transfer between each other the rights to securities by altering as appropriate the records held;" ;



    (2)  before the definition of "gilt-edged market maker":
""depository" means a central bank of a state mentioned in paragraph 2(a) of Part I, which takes deposits of securities or any person whose business includes the taking of deposits of securities and whose business of taking deposits of securities is supervised or authorised by the appropriate national authority, empowered by law, of any of those states so to do;

  "EFTA State" means any of Austria, Finland, Iceland, Liechtenstein, Norway, Sweden and Switzerland;" ;



    (3)  in the definition of "mortgage backed securities" after the word "Community" the words "and of any EFTA State";

    (4)  before the definition of "securities":
""rights to any securities" means any rights of a person to have a security which comes within paragraphs 3, 4 and 7 of Part I:-
(a) delivered to him, or

(b) transferred to another depository or clearing agent and evidenced, whether in writing or by electronic means, as being his right to the security, or

(c) transferred to any other person; and,


  "rights to any securities" includes a right to a proportion of any such debt as comes within paragraphs 3, 4 and 7 of Part I which right is evidenced in writing or by electronic means;" .

In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on


Norman Digance

Secretary to the Commission

18th November 1992.
We consent to this Order.

Gregory Knight

T. E. Boswell

Two of the Lords Commissioners of Her Majesty's Treasury

23rd November 1992

These Regulations add a description of assets to Part I of the Schedule to the Building Societies (Liquid Asset) Regulations 1991 namely rights to securities against any depository or clearing agent, and extend the description of assets which may be held by societies so as to include deposits with central banks and credit institutions of states which are members of the European Free Trade Association.

[1] 1986 c. 53. back

[2] S.I. 1991/2580. back