The Uncertificated Securities Regulations 2001

25.  An Operator’s rules and practices— U.K.

F1 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) must make provision as to the manner in which a system-member or the relevant participating issuer may change the form in which that system-member holds units of a participating security (other than a wholly dematerialised security);

(c) must make provision for a participating issuer to cease to participate in respect of a participating security so as—

(i) to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and

(ii) to provide the participating issuer with any relevant information held by the Operator relating to the uncertificated units of the relevant security held by system-members;

F2 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e) must make provision—

(i) as to which of the Operator’s records are to constitute an Operator register of securities in relation to a participating security, or a participating security of a particular kind; and

(ii) as to the times at which, and the manner in which, a participating issuer may inspect an Operator register of securities [F3 (other than an Operator register of eligible debt securities)] in accordance with paragraph 12;

(f) if they make provision for the designation of a subsidiary undertaking as a relevant nominee, must require that the relevant nominee maintain adequate records of—

(i) the names of the persons who have an interest in the securities it holds; and

(ii) the nature and extent of their interests; and

(g) must make provision for the authentication by the Operator of any written notification given under regulation 25(3) or 32(2)(c).

Textual Amendments

F1 Sch. 1 para. 25(a) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(9)(g) (with regs. 10-12)

F2 Sch. 1 para. 25(d) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(9)(g) (with regs. 10-12)

F3 Words in Sch. 1 para. 25(e)(ii) inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 12

Commencement Information

I1 Sch. 1 para. 25 in force at 26.11.2001, see reg. 1