The Financial Markets and Insolvency (CGO Service) Regulations 1999
The Regulations make amendments to the Financial Markets and Insolvency Regulations 1991 (the principal Regulations) which are necessary to reflect the fact that operation of the Central Gilts Office Service (CGO Service) is to be transferred by the Bank of England to CRESTCo Limited. This is intended to occur on a contractual basis on 24th May 1999 but, if a notice is given in the London, Edinburgh and Belfast Gazettes that the transfer of responsibility will not occur until a later date, nothing in the Regulations will take effect until the day on which the responsibility is transferred. This will be specified either in the original notice or in a subsequent notice published in the same Gazettes prior to the specified day. The effect of the transfer will be that persons who originally played a role in the operation of the CGO Service under contract with the Bank of England will in future do so under contract with CRESTCo Limited.