26. An Operator’s rules and practices must require—U.K.
(a)that each system-participant is able to send and receive properly authenticated dematerialised instructions;
(b)that each system-member has arrangements—
(i)for properly authenticated dematerialised instructions attributable to him to be sent;
(ii)for properly authenticated dematerialised instructions to be received by or for him; and
(iii)with a settlement bank for payments to be made, where appropriate, for units of a security transferred by means of the relevant system; and
(c)that each participating issuer is able to respond with sufficient speed to Operator-instructions.
Commencement Information
I1Sch. 1 para. 26 in force at 26.11.2001, see reg. 1