The Uncertificated Securities Regulations 1992

Delegation of functions

3.—(1) Where a function to which this regulation applies is expressed to be exercisable by the Operator, it shall, notwithstanding that fact, be vested in and exercisable by the Secretary of State unless for the time being delegated to the Operator in accordance with this regulation.

(2) The Secretary of State may by written instrument delegate to the Operator all or any of the functions to which this regulation applies except that he shall not delegate the function of making rules under regulation 105 defining the persons or classes of person eligible for compensation under the scheme.

(3) Any function may be delegated either wholly or in part.

(4) The Secretary of State shall not delegate the whole or any part of the function unless it appears to him that the Operator is able and willing to exercise it.

(5) The Secretary of State may by written instrument resume all or any functions he has delegated.

(6) Any function may be resumed either wholly or in part.

(7) This regulation applies to functions under or by virtue of regulations 14, 15, 56, 75, 76, 78, 80, 81(2), 84, 85, 88, 94, 95, 96, 97, 98, 105, 106(1)(b), 111 and 112.

(8) Paragraphs 6 to 9 and 12(1) to (3)(a) of Schedule 9 to the 1986 Act shall, with any necessary modifications and subject to paragraph (9) below, apply to the exercise of any rule making function as they apply to legislative functions exercisable by the designated agency under that Act.

(9) The application of paragraph 12(1) to (3)(a) of Schedule 9 to the 1986 Act shall not have effect in relation to any proposal which takes a form specified in a direction given by the Secretary of State under regulation 6.