PART 3PARTICIPATING SECURITIES
KEEPING OF REGISTERS AND RECORDS
Entries on registers and records in respect of public sector securitiesI121
1
In respect of every participating security which is a public sector security the Operator shall—
a
maintain a register, and such a register is referred to in these Regulations as an “Operator register of public sector securities”; and
b
keep and enter up the Operator register of public sector securities in accordance with paragraph 12 of Schedule 4.
2
The person specified in paragraph (3) shall—
a
maintain a record of the entries made in an Operator register of public sector securities; and such a record is referred to in these Regulations as a “record of uncertificated public sector securities”; and
b
keep and enter up that record in accordance with paragraph 13 of Schedule 4.
3
The person referred to in paragraph (2) is the Bank of England, except where the security to which an Operator register of public sector securities relates is a local authority security, in which case it is—
a
the relevant local authority; or
b
if the local authority has appointed another person to act as registrar for the purpose of the 1974 Regulations in respect of that security, the person so appointed.
4
Such sanctions as apply to a company and its officers in the event of a default in complying with section 352 of the 1985 Act shall apply to an Operator and his officers in the event of a default in complying with paragraph (1)(a).
5
Such sanctions as apply to the registrar, within the meaning of the 1974 Regulations, in the event of a default in complying with regulation 5 of those Regulations shall apply to a participating issuer and his officers in the event of a default in complying with paragraph (2)(a) in respect of a local authority security.