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The Uncertificated Securities (Amendment and EU Exit) Regulations 2019

Transitional and savings provisions for issuersU.K.

This section has no associated Explanatory Memorandum

12.—(1) Paragraphs (2) and (3) apply where—

(a)title to units of a security to which Article 49(1) of the CSD regulation applies is recorded on the Operator register of securities of a CSD Operator immediately before the transition period for that CSD Operator ends (in accordance with regulation 11(2)), and

(b)the CSD Operator is recognised as a recognised CSD.

(2) The issuer of the security is not required to make a request under Article 49(2) of the CSD regulation for recording its securities in the relevant system.

(3) The fact that the issuer of the security has not made a request as described in paragraph (2) does not prevent—

(a)title to units of that security continuing to be evidenced otherwise than by a certificate by virtue of the Uncertificated Securities Regulations 2001, and

(b)transfer of title to units of that security continuing to be subject to those Regulations.

Commencement Information

I1Reg. 12 in force at 27.3.2019, see reg. 1(2)