after paragraph (3) insert—

“(3A)

Where a registered contact applies in accordance with paragraph (3) to a potential transferee for a transfer under this regulation, specifying a stakeholder account offered by the transferee, the transferee shall not decline to accept that application (or the transfer in consequence of it) except where—

(a)

the transferee has reason to believe that the registered contact has given untrue information in his application;

(b)

the transferee demonstrates to the satisfaction of the Board that acceptance of transfers, or a class of transfers, during a particular period would jeopardise his ability to prevent any of the matters mentioned in regulation 16(2)(a); or

(c)

the transferor does not give the transferee the notice in accordance with paragraph (4).”.