The Uncertificated Securities Regulations 2001

Grant and refusal of approval

5.—(1) If, on an application made under regulation 4, it appears to the Treasury that the requirements of Schedule 1 (which imposes requirements which must appear to the Treasury to be satisfied with respect to an Operator, his rules and practices and the relevant system) are satisfied with respect to the application, they may—

(a) subject to the payment of any fee charged by virtue of regulation 6(1); and

(b) subject to the provisions of Schedule 2,

approve the applicant as Operator of a relevant system.

(2) In considering an application, the Treasury may have regard to any information which they consider is relevant to the application.

(3) An approval under this regulation shall be by instrument in writing and shall state the date on which it is to take effect.

(4) Schedule 3 shall have effect in relation to a decision to refuse an application made under regulation 4 as if references to an Operator were to the applicant.

(5) Provided that it had not been withdrawn before these Regulations came into force, an approval granted to a person under regulation 5 of the 1995 Regulations shall be treated as having been granted under this regulation.