The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 No. 679

PART 4 U.K. Transitional provisions and review

Transitional provisions: interpretation U.K.

10.  In this regulation and in regulations 11 and 12—

“the Act” means the Financial Services and Markets Act 2000;

“CSD Operator” means a person established in the United Kingdom who immediately before 30th March 2017—

(a)

was an Operator approved under the Uncertificated Securities Regulations 2001,

(b)

operated a securities settlement system referred to in point (3) of Section A of the Annex to the CSD regulation in the United Kingdom, and

(c)

provided at least one other core service listed in Section A of that Annex in the United Kingdom;

“commencement” means the coming into force of this Part of these Regulations;

“CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23rd July 2014 on improving securities settlement in the European Union and on central securities depositories;

“Operator register of securities” has the meaning given in regulation 3 of the Uncertificated Securities Regulations 2001;

“recognised CSD” has the meaning given in section 285 of the 2000 Act.

Commencement Information

I1 Reg. 10 in force at 27.3.2019, see reg. 1(2)