The Uncertificated Securities Regulations 2001

The Local Authority (Stocks and Bonds) Regulations 1974

15.  In the 1974 Regulations—

(a) in regulation 1(3)—

(i) for ““the 1995 Regulations” means the Uncertificated Securities Regulations 1995 as amended from time to time;” there shall be substituted ““the 2001 Regulations” means the Uncertificated Securities Regulations 2001 as amended from time to time;”; and

(ii) the definitions of “the CGO Service”; “CGO Service member”; “the CGO Service Regulations”; and “exempt transfer” shall be omitted;

(b) in regulation 6(1), for “Subject to regulation 6A below the” there shall be substituted “The”;

(c) in regulation 7—

(i) in paragraph (1)(a), for “paragraph (5)” there shall be substituted “paragraph (1A)”;

(ii) after paragraph (1) there shall be inserted as a new paragraph—

“(1A) Units of stock, or of bonds, which are recorded on a register kept by the Operator of a relevant system under the 2001 Regulations shall be transferable in no other manner than by means of that system in accordance with those Regulations.”; and

(iii) in paragraph (3), there shall be omitted “and any record of a transfer effected through the medium of the CGO Service,” and “or, as the case may be, the exempt transfer”; and

(d) in regulation 13(2)—

(i) for “Subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations, the” there shall be substituted “The”; and

(ii) there shall be omitted the words from “or, in the case of an exempt transfer” to the end.