S.L. 376.4 Art. 6Applicabilityofthe Duty on Documents and Transfers Act and Income Tax Act. Cap. 364. Cap. 123.

(1) The delivery of the funds of a payment services user or electronic money holder to a financial institution and from a financial institution to a payment service user or electronic money holder or another financial institution for the purpose of safeguarding the funds in terms of these regulations shall not be deemed to constitute a chargeable transfer for the purposes of the Duty on Documents and Transfers Act and for the purposes of article 5(1) of the Income Tax Act, where the delivery of such funds does not constitute a change in the beneficial owner of the funds.

(2) For the purpose of this regulation, "beneficial owner" means a person who is the real owner of, or who is otherwise beneficially entitled to, the funds held under control by the financial institution, as provided in regulation 4.

Part 3 Safeguarding of Funds