The Uncertificated Securities Regulations 2001

System capabilities U.K.

6.  A relevant system must ensure that the Operator-system can send and respond to properly authenticated dematerialised instructions in sufficient volume and speed. U.K.

Commencement Information

I1 Sch. 1 para. 6 in force at 26.11.2001, see reg. 1

7.  Before an Operator registers a transfer of title to uncertificated units of a security, a relevant system must be able to establish— U.K.

(a) that the transferor has title to such number of units of the security as is in aggregate at least equal to the number to be transferred; or

(b) that the transfer is one of two or more transfers which may be registered in accordance with regulation 30(2).

Commencement Information

I2 Sch. 1 para. 7 in force at 26.11.2001, see reg. 1

8.  Before an Operator-instruction to a participating issuer to register a transfer of title to uncertificated units of a security is generated, a relevant system must be able to establish that the transferor has title to such number of units of the security as is in aggregate at least equal to the number to be transferred. U.K.

Commencement Information

I3 Sch. 1 para. 8 in force at 26.11.2001, see reg. 1

9.  A relevant system must enable an Operator to comply with his obligations to keep all necessary Operator registers of securities in accordance with these Regulations. U.K.

Commencement Information

I4 Sch. 1 para. 9 in force at 26.11.2001, see reg. 1

10.  A relevant system must maintain adequate records of all dematerialised instructions. U.K.

Commencement Information

I5 Sch. 1 para. 10 in force at 26.11.2001, see reg. 1

11.  A relevant system must— U.K.

(a) enable each system-member to obtain a copy of any records relating to him as are maintained by the relevant system in order to comply with paragraph 7(a), 8 or 10; and

(b) be able to make correcting entries in such records as are maintained in order to comply with paragraph 7(a) or 8 which are inaccurate.

Commencement Information

I6 Sch. 1 para. 11 in force at 26.11.2001, see reg. 1

12.  A relevant system must be able to permit each participating issuer to inspect the entries from time to time appearing in an Operator register of securities [F1 (other than an Operator register of eligible debt securities)] relating to any participating security issued by him. U.K.

Textual Amendments

F1 Words in Sch. 1 para. 12 inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 12

Commencement Information

I7 Sch. 1 para. 12 in force at 26.11.2001, see reg. 1

13.  A relevant system must be able to establish, where there is a transfer of uncertificated units of a security to a system-member for value, that a settlement bank has agreed to make payment in respect of the transfer, whether alone or taken together with another transfer for value. U.K.

Commencement Information

I8 Sch. 1 para. 13 in force at 26.11.2001, see reg. 1

14.  A relevant system must ensure that the Operator-system is able to generate Operator-instructions— U.K.

(a) requiring participating issuers to amend the appropriate issuer registers of securities kept by them;

(b) informing participating issuers in a way which enables them to amend the appropriate records of securities kept by them; and

(c) informing settlement banks of their payment obligations.

Commencement Information

I9 Sch. 1 para. 14 in force at 26.11.2001, see reg. 1

15.  A relevant system must— U.K.

(a) enable a system-member—

(i) to grant authority to a sponsoring system-participant to send properly authenticated dematerialised instructions on his behalf; and

(ii) to limit such authority by reference to the net value of the units of the securities to be transferred in any one day; and

(b) prevent the transfer of units in excess of that limit.

Commencement Information

I10 Sch. 1 para. 15 in force at 26.11.2001, see reg. 1

16.  For the purposes of paragraph 15(a)(ii), once authority is granted pursuant to a system charge (within the meaning of regulation 3 of the Financial Markets and Insolvency Regulations 1996(1)) a limit of such authority shall not be imposed or changed without the consent of the donee of that authority. U.K.

Commencement Information

I11 Sch. 1 para. 16 in force at 26.11.2001, see reg. 1

17.  Nothing in paragraph 15 or 16 shall be taken, in respect of an authority, to modify or derogate from the protections given by or under any enactment to a donee of the authority or a third person. U.K.

Commencement Information

I12 Sch. 1 para. 17 in force at 26.11.2001, see reg. 1

18.  A relevant system must enable system-members— U.K.

(a) to change the form in which they hold units of a participating security; and

(b) where appropriate, to require participating issuers to issue certificates relating to units of a participating security held or to be held by them.

Commencement Information

I13 Sch. 1 para. 18 in force at 26.11.2001, see reg. 1

19.  Paragraph 18 shall not apply to any wholly dematerialised security. U.K.

Commencement Information

I14 Sch. 1 para. 19 in force at 26.11.2001, see reg. 1

(1)

S.I. 1996/1469.