Search Legislation

The Uncertificated Securities Regulations 2001

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 22

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the The Uncertificated Securities Regulations 2001, Section 22. Help about Changes to Legislation

Entries on registers and records in respect of other securitiesU.K.

22.—(1) Paragraph (2) applies where a participating issuer is required by or under an enactment or instrument to maintain in the United Kingdom a register of persons holding securities (other than shares [F1, general public sector securities or eligible debt securities]) issued by him.

(2) Where this paragraph applies, then in so far as the register in question relates to any class of security which is a participating security—

(a)the Operator shall—

(i)maintain a register, and such a register is referred to in these Regulations as an “Operator register of corporate securities”; and

(ii)keep and enter up the Operator register of corporate securities in accordance with paragraph 14 of Schedule 4;

(b)the participating issuer—

(i)shall not maintain the register to the extent that it relates to securities held in uncertificated form;

(ii)shall maintain a record of the entries made in any Operator register of corporate securities, and such a record is referred to in these Regulations as a “record of uncertificated corporate securities”; and

(iii)shall keep and enter up that record in accordance with paragraph 15 of Schedule 4.

(3) Where a participating issuer is not required by or under an enactment or instrument to maintain in the United Kingdom in respect of a participating security [F2(other than an eligible debt security)] issued by him a register of persons holding units of that participating security, the Operator shall—

(a)maintain a register in respect of that participating security; and

(b)record in that register—

(i)the names and addresses of the persons holding units of that security in uncertificated form, and

(ii)how many units of that security each such person holds in that form.

[F3(3A) In respect of every participating security which is an eligible debt security, the Operator shall–

(a)maintain a register, and such a register is referred to in these Regulations as an “Operator register of eligible debt securities”; and

(b)record in that register–

(i)the names and addresses of the persons holding units of that security; and

(ii)how many units of that security each such person holds.]

(4) Such sanctions as apply to a company and its officers in the event of a default in complying with [F4section 113 of the 2006 Act] shall apply to an Operator and his officers in the event of a default in complying with paragraph [F5(2)(a)(i), (3) or (3A)].

(5) Such sanctions as apply in the event of a default in complying with the requirement to maintain a register imposed by the relevant enactment or instrument referred to in paragraph (1) shall apply to a participating issuer and his officers in the event of a default in complying with paragraph (2)(b)(ii).

Back to top

Options/Help