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21.—(1) In respect of every participating security which is a [F2general] public sector security the Operator shall—
(a)maintain a register, and such a register is referred to in these Regulations as an “Operator register of [F2general] public sector securities”; and
(b)keep and enter up the Operator register of [F2general] public sector securities in accordance with paragraph 12 of Schedule 4.
(2) The person specified in paragraph (3) shall—
(a)maintain a record of the entries made in an Operator register of [F2general] public sector securities; and such a record is referred to in these Regulations as a “record of uncertificated [F2general] public sector securities”; and
(b)keep and enter up that record in accordance with paragraph 13 of Schedule 4.
(3) The person referred to in paragraph (2) is the Bank of England, except where the security to which an Operator register of [F2general] public sector securities relates is a [F3general] local authority security, in which case it is—
(a)the relevant local authority; or
(b)if the local authority has appointed another person to act as registrar for the purpose of the 1974 Regulations in respect of that security, the person so appointed [F4; or
(c)if the security falls within paragraph (a)(ii) of the definition of “local authority security” in regulation 3(1) and the local authority has appointed as a registrar a person who is neither an officer nor any other employee of the authority for all of the purposes of the register required to be maintained under section 46(1) of the 1989 Act, the person so appointed].
(4) Such sanctions as apply to a company and its officers in the event of a default in complying with section 352 of the 1985 Act shall apply to an Operator and his officers in the event of a default in complying with paragraph (1)(a).
(5) Such sanctions as apply to the registrar, within the meaning of the 1974 Regulations, in the event of a default in complying with regulation 5 of those Regulations shall apply to a participating issuer and his officers in the event of a default in complying with paragraph (2)(a) in respect of a local authority security [F5falling within paragraph (a)(i) of the definition of “local authority security” in regulation 3(1)].
[F6(6) Such sanctions as apply to a person appointed as registrar under section 46(1) of the 1989 Act in the event of a default in complying with his obligations under that section with respect to the keeping of a register shall apply to a participating issuer and his officers in the event of a default in complying with paragraph (2)(a) in respect of a local authority security falling within paragraph (a)(ii) of the definition of “local authority security” in regulation 3(1).]
Textual Amendments
F1Word in reg. 21 heading inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 6(1)
F2Word in reg. 21(1)-(3) inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 6(2)
F3Word in reg. 21(3) inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 8(1)(a)
F4Reg. 21(3)(c) and word inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 8(1)(b)
F5Words in reg. 21(5) inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 8(2)
F6Reg. 21(6) added (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 8(3)
Commencement Information
I1Reg. 21 in force at 26.11.2001, see reg. 1
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