15. A relevant system must—U.K.
(a)enable a system-member—
(i)to grant authority to a sponsoring system-participant to send properly authenticated dematerialised instructions on his behalf; and
(ii)to limit such authority by reference to the net value of the units of the securities to be transferred in any one day; and
(b)prevent the transfer of units in excess of that limit.
Commencement Information
I1Sch. 1 para. 15 in force at 26.11.2001, see reg. 1