National Debt Citation and commencement 1 These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 2013 and come into force on 6th April 2013. Amendments to the National Savings Stock Register Regulations 1976 2 The National Savings Stock Register Regulations 1976 are amended as follows. Amendment to regulation 2 3 In regulation 2 (interpretation), in paragraph (1)— a in the definition of “new stock”, after “begun;”, insert— and c variable interest stock; ; b at the end, insert— “variable interest stock” means stock issued without a term . Amendment to regulation 5 4 In regulation 5 (subscription for stock), after paragraph (1), insert— 1A The conditions referred to in paragraph (1) must include, for variable interest stock, provision that the Treasury may amend the authorised conditions at any time after stock has been subscribed for. 1B Any amendment of conditions that is to the detriment of a stock holder may only be made after at least 30 days’ notice of the amendment has been given to the stock holder. 1C Paragraphs (1A) and (1B) apply in respect of variable interest stock issued before 6th April 2013 as they apply to variable interest stock issued on or after 6th April 2013. . Amendment to regulation 10 5 In paragraph (5) of regulation 10 (certificates, subscription books and records)— a in sub-paragraph (a)— i at the start of sub-paragraph (ii), insert “where the new stock is fixed interest stock,”; ii at the start of sub-paragraph (iii), insert “where the new stock is fixed interest stock,”; b in sub-paragraph (b)— i at the start of sub-paragraph (iii), insert “where the new stock is fixed interest stock,”; ii at the start of sub-paragraph (iv), insert “where the new stock is fixed interest stock,”. Amendment to regulation 21 6 In paragraph (5)(a) of regulation 21 (payment of dividends), after “regulation 21B”, insert “or regulation 21C”. Insertion of regulation 21C 7 After regulation 21B (accrual of interest), insert— Accrual of interest on variable interest stock 21C 1 This regulation applies to all variable interest stock. 2 The amount of any interest accruing on a particular day in respect of stock to which this regulation applies must be calculated using the following formula— A = ( V × I % ) 365 where— A is the amount of interest accruing in respect of stock on the particular day, V is the capital value of the stock on that day, and I% is the annual rate of interest applying to the stock on that day. . Amendment to regulation 22 8 In regulation 22 (payments by the Director of Savings), omit paragraphs (3) and (4). Amendment to regulation 25 9 In regulation 25 (authority for payment to third party)— a omit paragraph (1); b in paragraph (3) for “seven years” substitute “sixteen years”; c in paragraph (4), sub-paragraph (a), for “Paragraphs (1) and (2) do not apply”, substitute “Paragraph (2) does not apply”; d after paragraph (4), insert— 5 If the conditions specified in paragraph (6) are satisfied in relation to the holder of a National Savings Income Bond, paragraph (3) has effect as if the reference to “sixteen years” was a reference to “seven years”. 6 The conditions are that— a an application to subscribe for National Savings Income Bonds was received by the Director of Savings in the approved form before 6th April 2013; and b the holder attained the age of seven years before 6th April 2013. . Revocation of regulation 30 10 Regulation 30 (minors) is revoked. Insertion of regulation 30A 11 Before regulation 31 (persons under disability), insert— Minors 30A 1 From 6th April 2013 no stock may be subscribed for by, or on behalf of, a minor under the age of sixteen years. 2 National Savings Income bonds which are held by minors under the age of sixteen years on 5th April 2013 may continue to be held subject to the following provisions— a applications for repayment may only be made by a minor who has not attained the age of sixteen years if the minor had attained the age of seven years before 6th April 2013; b where National Savings Income Bonds are held by a minor who had not attained the age of seven years before 6th April 2013, no interest may be paid otherwise than by means of crediting the amount to an approved account in the minor’s name, or in the name of any person appearing to the Director of Savings to be responsible for the welfare of the minor; c the Director of Savings may, at any time, require a specimen of the minor’s signature, and obtain the minor’s authority for the making of further payments as follows— i where the minor attained the age of seven before 6th April 2013, at any time ii where the minor has not attained the age of seven before 6th April 2013, at any time after the minor attains the age of sixteen years. 3 In paragraph (2)(b) “approved account” means— a an account in the National Savings Bank comprising investment deposits within the meaning of the National Savings Bank Act 1971; b an account with a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits; or c an account with an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits. 4 Paragraph (3) must be read with— a section 22 of the Financial Services and Markets Act 2000 ; b any relevant order under that section; and c Schedule 22 to the Financial Services and Markets Act 2000. . Amendment to regulation 31 12 In regulation 31 (persons under a disability)— a in paragraph (1)— i for “seven years” substitute “sixteen years” in each place where it occurs; ii in sub-paragraph (b), for “who satisfies him that he is a proper person to receive payment”, substitute “who appears to the Director of Savings to be responsible for the welfare of the minor.”; b after paragraph (4) insert— 5 If the conditions specified in paragraph (6) are satisfied in relation to the holder of National Savings Income Bonds, paragraph (1) has effect as if the reference to “sixteen years” was a reference to “seven years”. 6 The conditions are that— a an application to subscribe for National Savings Income Bonds was received by the Director of Savings in the approved form before 6th April 2013; and b the holder attained the age of seven years before 6th April 2013. . Stephen Crabb Desmond Swayne Two of the Lords Commissioners of Her Majesty’s Treasury 25th February 2013