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Stamp Duty Consolidation Act, 1999 (Number 31 of 1999)

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78B. Transfer of interest in securities through relevant system

(1) Where a transfer order effects a transfer of an interest in securities through a relevant system, the transfer order shall, for all purposes of this Act, be deemed to be an executed instrument of conveyance or transfer of such securities, the date of execution of which shall be deemed to be the date of execution of the transfer order.

(2) A transfer order that effects a transfer of an interest in securities outside a relevant system shall be deemed to be a transfer order effecting such a transfer through a relevant system and subsection (1) shall apply accordingly.

(3) Where a transfer of an interest in securities is effected by a transfer order relating to a single netted settlement of two or more contracts for the transfer of interests in the same type of securities, each individual contract constituting the single netted settlement shall be deemed to be a transfer order and subsection (1) shall apply accordingly.

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(4) This section shall not apply in respect of a transfer order effecting the transfer of an interest in securities through a relevant system where—

(a) the securities are dealt in on a recognised stock exchange located in the United States of America or Canada, and

(b) the relevant system is operated by a CSD located in the United States of America or Canada.

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Inserted by FA20 s62(5). Comes into operation on 15 March 2021 as per S.I. No. 108 of 2021.

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Inserted by F(No.2)A23 s74(a).