The Uncertificated Securities Regulations 2001

5.  Regulation 8 shall be modified by—U.K.

(a)the substitution for paragraph (4) of—

(4) Before giving a direction under paragraph (2)(b) the Treasury shall—

(a)if the circumstances permit, consult the Operator and afford him an opportunity to make representations; and

(b)so far as is practicable to estimate it, have regard to the cost to the Operator of complying with any term of any direction and to the costs to other persons resulting from the Operator’s compliance.; and

(b)the omission of paragraphs (5) and (7).

Commencement Information

I1Sch. 6 para. 5 in force at 26.11.2001, see reg. 1