(1) The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No.9) 2009 [S.I. 2009/1828.] are amended as follows.
(2) In regulation 4(1) after "this regulation" insert "or in regulation 4A".
(3) After regulation 4 insert -
"4A. Alternative prescribed circumstances for the purposes of sections 116 and 117
(1) The circumstances prescribed by this regulation are where, in connection with a facility transaction or an over the counter transaction, the conditions in paragraphs (2) and (3) are met.
(2) A clearing member client contract entered into by a defaulting clearing participant ("DCP") is transferred from the DCP to a non-defaulting clearing participant in accordance with the default rules of LCH.Clearnet Limited.
(3) The clearing member client contract referred to in paragraph (2) does not represent the end transaction in the clearing of that contract either before or after the transfer.
(4) For the purpose of this regulation -
"clearing member
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