The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003

17.  In the First Schedule–

(a) in paragraph 2, for the words from “the principal” to the end, substitute, “a principal sum to the holder of one or more uncertificated units of the Bill at a date not more than twelve months from the date of issue of that unit or those units.”;

(b) in paragraph 3, for “each Bill”, substitute “each uncertificated unit of a Northern Ireland Treasury Bill”;

(c) in paragraph 4–

(i) for “Each Bill” substitute, “The record (whether or not in the form of a document) which contains the terms of a Northern Ireland Treasury Bill”;

(ii) for “be impressed or affixed by machinery or otherwise”, substitute “appear in the record”;

(d) in paragraph 5, for “Bills shall be prepared”, substitute, “Uncertificated units of Northern Ireland Treasury Bills shall be issued”;

(e) in paragraph 6–

(i) in subparagraph (a), omit “, payment”;

(ii) omit subparagraphs (b) and (d);

(iii) in subparagraph (c), omit the words from “, by the use” to “otherwise,”;

(f) after paragraph 6, add–

“7.   No regulation under this Schedule applies in relation to uncertificated units of a Northern Ireland Treasury Bill to the extent that it is inconsistent with–

(a) the holding of such units in uncertificated form;

(b) the transfer of title to such units by means of a relevant system; or

(c) the 2001 Regulations.”.