Stamp Duties Consolidation Act 1999 section 76

Obligations of system-members

Section 76 set out the record-keeping duties of a system-member operating within the electronic share transfer system, and the penalties that applied where records were not kept or where an incorrect instruction was entered; the section was repealed by the Finance Act 2022.

• A system-member had to keep written evidence, retained for six years, of any operator-instruction on which no stamp duty was charged.
• A penalty of €1,265 applied where a system-member failed to keep proper records of operator-instructions.
• A penalty of €1,265, plus the duty shortfall, applied where a system-member negligently entered an incorrect instruction.
• The section was repealed by section 69 of the Finance Act 2022.