http://www.legislation.gov.uk/uksi/2001/3755/schedule/1/paragraph/25/madeThe Uncertificated Securities Regulations 2001LegislationLocal governmentKing's Printer of Acts of Parliament2016-09-15COMPANIES SCHEDULE 1 REQUIREMENTS FOR APPROVAL OF A PERSON AS OPERATOR Rules and practices 25 An Operator’s rules and practices— a must bind system-members and participating issuers— i so as to ensure the efficient processing of transfers of title to uncertificated units of a security in response to Operator-instructions; and ii as to the action to be taken where transfer of title in response to a system-member instruction or an Operator-instruction cannot be effected; b must make provision as to the manner in which a system-member or the relevant participating issuer may change the form in which that system-member holds units of a participating security (other than a wholly dematerialised security); c must make provision for a participating issuer to cease to participate in respect of a participating security so as— i to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and ii to provide the participating issuer with any relevant information held by the Operator relating to the uncertificated units of the relevant security held by system-members; d must make provision for the orderly termination of participation by system-members and system-participants whose participation is disruptive to other system-members or system-participants or to participating issuers; e must make provision— i as to which of the Operator’s records are to constitute an Operator register of securities in relation to a participating security, or a participating security of a particular kind; and ii as to the times at which, and the manner in which, a participating issuer may inspect an Operator register of securities in accordance with paragraph 12; f if they make provision for the designation of a subsidiary undertaking as a relevant nominee, must require that the relevant nominee maintain adequate records of— i the names of the persons who have an interest in the securities it holds; and ii the nature and extent of their interests; and g must make provision for the authentication by the Operator of any written notification given under regulation 25(3) or 32(2)(c).
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<Title>REQUIREMENTS FOR APPROVAL OF A PERSON AS OPERATOR</Title>
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<Pnumber>25</Pnumber>
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<Text>An Operator’s rules and practices—</Text>
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<Text>must bind system-members and participating issuers—</Text>
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<Text>so as to ensure the efficient processing of transfers of title to uncertificated units of a security in response to Operator-instructions; and</Text>
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<Pnumber>ii</Pnumber>
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<Text>as to the action to be taken where transfer of title in response to a system-member instruction or an Operator-instruction cannot be effected;</Text>
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<Text>must make provision as to the manner in which a system-member or the relevant participating issuer may change the form in which that system-member holds units of a participating security (other than a wholly dematerialised security);</Text>
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<Text>must make provision for a participating issuer to cease to participate in respect of a participating security so as—</Text>
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<Text>to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and</Text>
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<Pnumber>ii</Pnumber>
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<Text>to provide the participating issuer with any relevant information held by the Operator relating to the uncertificated units of the relevant security held by system-members;</Text>
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<Pnumber>d</Pnumber>
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<Text>must make provision for the orderly termination of participation by system-members and system-participants whose participation is disruptive to other system-members or system-participants or to participating issuers;</Text>
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<Pnumber>e</Pnumber>
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<Text>must make provision—</Text>
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<Pnumber>i</Pnumber>
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<Text>as to which of the Operator’s records are to constitute an Operator register of securities in relation to a participating security, or a participating security of a particular kind; and</Text>
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<Pnumber>ii</Pnumber>
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<Text>as to the times at which, and the manner in which, a participating issuer may inspect an Operator register of securities in accordance with paragraph 12;</Text>
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<Pnumber>f</Pnumber>
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<Text>if they make provision for the designation of a subsidiary undertaking as a relevant nominee, must require that the relevant nominee maintain adequate records of—</Text>
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<Pnumber>i</Pnumber>
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<Text>the names of the persons who have an interest in the securities it holds; and</Text>
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<Text>the nature and extent of their interests; and</Text>
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<Text>must make provision for the authentication by the Operator of any written notification given under regulation 25(3) or 32(2)(c).</Text>
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