The Uncertificated Securities Regulations 2001

9.  Schedule 2 shall be modified by— U.K.

(a) the substitution for subparagraph (5) in paragraph 1 of—

“(5) Subsections (2) to (5), (7) and (9) of section 11 of the 1986 Act shall apply in relation to the withdrawal of approval under subparagraph (3) as they apply in relation to the revocation by the Secretary of State of a recognition order under subsection (1) of that section; and in those subsections as they so apply—

(a) any reference to a recognised organisation shall be taken to be a reference to an Operator;

(b) any reference to members of a recognised organisation shall be taken to be a reference to system-users;

(c) any reference to the Secretary of State shall be taken to be a reference to the Treasury; and

(d) any reference to an order other than a recognition order shall be taken to be a reference to a written instrument.”;

(b) the omission from paragraph 2 of subparagraph (5); and

(c) the insertion after paragraph 7 of a new paragraph reading—

“8.— (1) Before the Treasury exercise a power under paragraph 1(3)(b) or (c), or their power to refuse leave under paragraph 2(2), or their power to give a direction under paragraph 2(4), in respect of an Operator, they shall—

(a) give written notice of their intention to do so to the Operator and take such steps (whether by publication or otherwise) as they think appropriate for bringing the notice to the attention of any other person who in their opinion is likely to be affected by the exercise of the power; and

(b) have regard to any representation made within such time as they consider reasonable by the Operator or by any such other person.

(2) A notice under subparagraph (1) shall give particulars of the manner in which the Treasury propose to exercise the power in question and state the reasons for which they propose to act; and the statement of reasons may include matters contained in any report received by them under paragraph 3.”.

Commencement Information

I1 Sch. 6 para. 9 in force at 26.11.2001, see reg. 1