http://www.legislation.gov.uk/uksi/1996/1587/contents/made
The Financial Services Act 1986 (Exemption) Order 1996
Local Government
King's Printer of Acts of Parliament
2011-07-29
FINANCIAL SERVICES
The Order provides an exemption from the authorisation requirements of the Financial Services Act 1986 for a person who has been approved under the Uncertificated Securities Regulations 1995 as an Operator. The exemption extends to anything which an Operator does which constitutes the carrying on of investment business where it is done for the purpose of operating a system for transferring title to investments. The Order does not extend to anything which an Operator does in his capacity as a person providing clearing services for the transaction of investment business.
The Financial Services Act 1986 (Exemption) Order 1996
The Uncertificated Securities Regulations 2001