The Uncertificated Securities Regulations 2001

Regulations 5(4), 7(3) and 8(4)

SCHEDULE 3 U.K. [F1 Procedure for giving directions]

Textual Amendments

F1 Sch. 3 heading substituted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(a) (with regs. 10-12)

[F2 1.   Before— U.K.

F3 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) giving a direction under regulation 8,

the Bank of England must give written notice of its intention to do so to the Operator.]

Textual Amendments

F2 Sch. 3 para. 1 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(a) (with reg. 3)

F3 Sch. 3 para. 1(a) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(b) (with regs. 10-12)

F4 Sch. 3 para. 1(b) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(b) (with regs. 10-12)

Commencement Information

I1 Sch. 3 para. 1 in force at 26.11.2001, see reg. 1

2.  A notice under paragraph 1 shall— U.K.

[F5 (a) state why the Bank of England intends to F6 ... give the direction; and]

(b) draw attention to the right to make representations conferred by paragraph 3.

Textual Amendments

F5 Sch. 3 para. 2(a) substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(b) (with reg. 3)

F6 Words in Sch. 3 para. 2(a) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(c) (with regs. 10-12)

Commencement Information

I2 Sch. 3 para. 2 in force at 26.11.2001, see reg. 1

[F7 3.   Before the end of the period for making representations, the Operator may make representations to the Bank of England.] U.K.

Textual Amendments

F7 Sch. 3 para. 3 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(c) (with reg. 3)

Commencement Information

I3 Sch. 3 para. 3 in force at 26.11.2001, see reg. 1

[F8 4.   The period for making representations is such period as is specified in the notice (which may, in any particular case, be extended by the Bank of England).] U.K.

Textual Amendments

F8 Sch. 3 para. 4 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(d) (with reg. 3)

Commencement Information

I4 Sch. 3 para. 4 in force at 26.11.2001, see reg. 1

5.  In deciding whether to F9 ... give the direction F10 ... the [F11 Bank of England must] have regard to any representations made in accordance with paragraph 3. U.K.

Textual Amendments

F9 Words in Sch. 3 para. 5 omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(d) (with regs. 10-12)

F10 Words in Sch. 3 para. 5 omitted (1.4.2013) by virtue of The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(e)(ii) (with reg. 3)

F11 Words in Sch. 3 para. 5 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(e)(iii) (with reg. 3)

Commencement Information

I5 Sch. 3 para. 5 in force at 26.11.2001, see reg. 1

[F12 6.— (1) When the Bank of England has decided whether to— U.K.

F13 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) give the direction;

it must give the Operator written notice of its decision [F15 and the reasons for its decision].]

Textual Amendments

F12 Sch. 3 para. 6 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(f) (with reg. 3)

F13 Sch. 3 para. 6(1)(a) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(e)(i) (with regs. 10-12)

F14 Sch. 3 para. 6(1)(b) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(e)(i) (with regs. 10-12)

F15 Words in Sch. 3 para. 6(1) inserted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(e)(ii) (with regs. 10-12)

Commencement Information

I6 Sch. 3 para. 6 in force at 26.11.2001, see reg. 1

F16 7.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F16 Sch. 3 para. 7 omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(g) (with regs. 10-12)

F17 8.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F17 Sch. 3 para. 8 omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(g) (with regs. 10-12)

[F18 9.   If the Bank of England decides to give the direction, the Operator may refer the matter to the Upper Tribunal.] U.K.

Textual Amendments

F18 Sch. 3 paras. 9, 10 inserted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(f) (with regs. 10-12)

[F18 10.   Part 9 of the 2000 Act (hearings and appeals) applies to a reference to the Upper Tribunal under paragraph 9 as it applies to a reference to the Upper Tribunal under the 2000 Act, with the following modifications— U.K.

(a) a reference is a “disciplinary reference” for the purposes of section 133 of the 2000 Act if it is in respect of a decision to give a direction under this Schedule;

(b) section 133(1)(a) and (c) of the 2000 Act does not apply.]

Textual Amendments

F18 Sch. 3 paras. 9, 10 inserted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(11)(f) (with regs. 10-12)