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As noted in Practice Note: Stock lending and repo relief from stamp duty and SDRT, for the relief from SDRT to apply to a repo or stock lending arrangement involving chargeable securities, a number of conditions must be satisfied.
One of those conditions requires ‘that securities of the kind concerned are regularly traded’ on a regulated market (section 89AA(2A)(b) of the Finance Act 1986 (FA 1986)), which applies if one of the parties to the repo or securities lending arrangement (referred to in the legislation as P or Q) is authorised under the law of an EEA state to provide certain investment services, or, in a case where the transaction is reported to a regulated market, multilateral trading facility (MTF) or a recognised foreign exchange, the requirement is for ‘securities of the kind concerned’ to be ‘regularly traded on that market, facility or exchange’
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