Finance Act 1986
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Change 1
68 Depositary receipts: notification
(1) A person whose business is or includes issuing depositary receipts for relevant securities of a company incorporated in the United Kingdom shall notify the Commissioners of that fact before the end of the period of one month beginning with the date on which he first issues such depositary receipts. (2) A person whose business includes (but does not exclusively consist of) holding relevant securities (being securities of a company incorporated in the United Kingdom)— (a) as nominee or agent for a person whose business is or includes issuing depositary receipts for relevant securities, and (b) for the purposes of such part of the business mentioned in paragraph (a) above as consists of issuing such depositary receipts (in a case where the business does not consist exclusively of that), shall notify the Commissioners of that fact before the end of the period of one month beginning with the date on which he first holds such relevant securities as such a nominee or agent and for such purposes. (3) A company which is incorporated in the United Kingdom and becomes aware that any shares in the company are held by a person such as is mentioned in subsection (1) or (2) above shall notify the Commissioners of that fact before the end of the period of one month beginning with the date on which the company first becomes aware of that fact. (4) A person who fails to comply with subsection (1) or (2) above shall be liable to a penalty not exceeding £1,000. (5) A company which fails to comply with subsection (3) above shall be liable to a penalty not exceeding £100. (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68 Depositary receipts: notification
(1) A person whose business is or includes issuing depositary receipts for relevant securities of a company incorporated in the United Kingdom shall notify the Commissioners of that fact before the end of the period of one month beginning with the date on which he first issues such depositary receipts. (2) A person whose business includes (but does not exclusively consist of) holding relevant securities (being securities of a company incorporated in the United Kingdom)— (a) as nominee or agent for a person whose business is or includes issuing depositary receipts for relevant securities, and (b) for the purposes of such part of the business mentioned in paragraph (a) above as consists of issuing such depositary receipts (in a case where the business does not consist exclusively of that), shall notify the Commissioners of that fact before the end of the period of one month beginning with the date on which he first holds such relevant securities as such a nominee or agent and for such purposes. (3) A company which is incorporated in the United Kingdom and becomes aware that any shares in the company are held by a person such as is mentioned in subsection (1) or (2) above shall notify the Commissioners of that fact before the end of the period of one month beginning with the date on which the company first becomes aware of that fact. (4) A person who fails to comply with subsection (1) or (2) above shall be liable to a penalty not exceeding £1,000. (5) A company which fails to comply with subsection (3) above shall be liable to a penalty not exceeding £100. (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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