- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)If an intention that section 3 should not apply in relation to an electronic trade document appears in, or can reasonably be inferred from, the document or terms that have effect in relation to the document—
(a)that section does not apply in relation to the document, and
(b)section 4 also does not apply in relation to it.
(2)Sections 1 to 4 do not apply in relation to—
(a)an uncertificated unit of a security that is transferable by means of a relevant system in accordance with the Uncertificated Securities Regulations 2001 (S.I. 2001/3755), or
(b)a document or instrument of a type specified in regulations made by the appropriate authority.
(3)The Secretary of State may by regulations amend this section so as to amend or remove the exception conferred by subsection (2)(a).
(4)The Secretary of State must consult the Scottish Ministers before making regulations under subsection (2)(b) that contain provision that is to have effect in relation to Scotland.
(5)Subsection (4) does not apply if the regulations are to be made by the Secretary of State and the Scottish Ministers acting jointly.
(6)Regulations under this section may include incidental, consequential, transitional or saving provision.
(7)“The appropriate authority”, in relation to regulations under subsection (2)(b), means—
(a)in any case, the Secretary of State or the Secretary of State and the Scottish Ministers acting jointly;
(b)in a case in which all of the provision made by the regulations is within Scottish devolved competence, the Scottish Ministers.
(8)Provision is within Scottish devolved competence if it is provision which would be within the legislative competence of the Scottish Parliament if contained in an Act of that Parliament.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: