An Operator’s rules and practices must require—
- Set rules for secure dematerialised instructions and settlement bank arrangements
UK Statutory Instrument
2001
United Kingdom
The Uncertificated Securities Regulations 2001
At a glance
What's here
26 compliance obligations
Who this Act binds
Plus 4 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
(1) A relevant system must satisfy the requirements of sub-paragraphs...
- Ensure dematerialised instructions are authenticated, identified, and addressed
(1) Where an Operator of a relevant system is required...
- Maintain Operator register of general public sector securities with holder details
(1) The participating issuer shall enter in a record of...
- Maintain and reconcile record of uncertificated public sector securities
(1) Where an Operator of a relevant system is required...
- Enter particulars of uncertificated securities holders in the Operator register
(1) A participating issuer shall enter in a record of...
- Maintain and reconcile records of uncertificated corporate securities
(1) Every participating issuer which is a company shall enter...
- Keep an issuer register of members with share and stock details
(1) In relation to every participating issuer which is a...
Other duties (1) — Crown / regulator
- Operator must maintain an electronic register of uncertificated shareholders Statutory regulator
(1) Subject to subparagraph (2), a company’s issuer register of...
- Keep issuer register and uncertificated share record available for inspection at same place and notify registrar
Browse 89 other Schedules — structural / supplementary
An Operator must have adequate arrangements and resources for the...
A relevant system must maintain adequate records of all dematerialised...
A relevant system must— (a) enable each system-member to obtain...
A relevant system must be able to permit each participating...
A relevant system must be able to establish, where there...
A relevant system must ensure that the Operator-system is able...
A relevant system must— (a) enable a system-member—
For the purposes of paragraph 15(a)(ii), once authority is granted...
Nothing in paragraph 15 or 16 shall be taken, in...
A relevant system must enable system-members— (a) to change the...
Paragraph 18 shall not apply to any wholly dematerialised security....
An Operator must have financial resources sufficient for the proper...
A relevant system must comprise procedures which provide that it...
(1) Subject to subparagraphs (2) to (5), a relevant system...
(1) Subject to subparagraph (2), a relevant system must comprise...
A relevant system must comprise procedures which ensure that, where...
A relevant system must comprise procedures which—
An Operator’s rules and practices— (a) must bind system-members and...
An Operator must have rules which require system-users and former...
(1) The Operator must make transparent and non-discriminatory rules, based...
An Operator must be able and willing to promote and...
(1) Except in the circumstances referred to in subparagraph (2),...
A relevant system must ensure that the Operator-system can send...
Before an Operator registers a transfer of title to uncertificated...
Before an Operator-instruction to a participating issuer to register a...
A relevant system must enable an Operator to comply with...
(1) The Bank of England must not approve a person...
(1) This paragraph applies where an Operator proposes to make...
(1) An Operator that proposes to make any regulatory provision...
(1) Where notice of a proposal to make regulatory provision...
(1) This paragraph applies where the Bank of England notifies...
(1) In paragraphs 2 to 5 —
Before— (a) refusing an application for approval as an Operator...
Part 9 of the 2000 Act (hearings and appeals) applies...
A notice under paragraph 1 shall— (a) state why the...
Before the end of the period for making representations, the...
The period for making representations is such period as is...
In deciding whether to ... give the direction ... the...
(1) When the Bank of England has decided whether to—...
If the Bank of England reasonably considers it necessary to...
If the Bank of England has, in relation to a...
If the Bank of England decides to give the direction,...
In this Schedule— “uncertificated shares” means shares title to which...
Where under paragraph 6(1), a company’s issuer register of members...
Where, under section 125 of the 2006 Act, the court...
(1) Every register which an Operator is required to maintain...
(1) An entry in a register of securities or in...
Sections 1134, 1135 and 1138 of the 2006 Act shall...
(1) Such sanctions as apply to a company and its...
An officer of a participating issuer shall be in default...
An officer of an Operator shall be in default in...
Section 123 of the 2006 Act shall apply to a...
(1) Every participating issuer which is a company shall enter...
(1) Every participating issuer which is a company having more...
Section 122 of the 2006 Act shall apply to a...
Sections 115 to 118 of the 2006 Act shall apply...
Prior to the day on which section 19 of the...
The definition of “securities” in regulation 3(1) shall be modified...
Regulation 5 shall be modified by the substitution for paragraph...
Regulation 7 shall be modified by— (a) the insertion in...
Regulation 8 shall be modified by— (a) the substitution for...
In regulation 9— (a) paragraph (7) shall be modified by...
Regulation 11(1) shall be modified to read—
In paragraph 5(7) of Schedule 1— (a) paragraph (a) of...
Schedule 2 shall be modified by— (a) the substitution for...
In section 3 of the National Debt Act 1870, for...
In subsection (4) of section 380 of the 1985 Act,...
In subsection (1) of section 180 of the 1986 Act,...
In the 1986 Act, in— (a) paragraph 16A(a) of Schedule...
In the Banking Act 1987, in— (a) paragraph 11B in...
In the 1965 Regulations— (a) in regulation 1(3), for “Subject...
In the 1974 Regulations— (a) in regulation 1(3)—
In the Exchange of Securities (General) Rules 1979—
In the Companies (Registers and other Records) Regulations 1985—
In the Stamp Duty Reserve Tax Regulations 1986, in the...
In the Companies (Registers and other Records) Regulations (Northern Ireland)...
In subsection (1) of section 2 of the National Debt...
In the Financial Markets and Insolvency Regulations 1996—
In the Stock Transfer (Addition and Substitution of Forms) Order...
In the Financial Services Act 1986 (Exemption) Order 1996, in...
In the Stamp Duty Reserve Tax (UK Depository Interests in...
In the Open-Ended Investment Companies Regulations 2001—
In section 48 of the Finance (No. 2) Act 1915—...
In section 67 of the Finance Act 1916—
In section 48 of the Finance Act 1949—
In section 73 of the Finance (No. 2) Act 1975—...
In subsection (1)(b) of section 182 of the 1985 Act,...
In subsection (1) of section 183 of that Act, after...
In section 209(9B)(b) of the 1985 Act, for “Uncertificated Securities...
Reports by skilled persons
- Provide report and assist skilled persons appointed by Bank of England
(1) This regulation applies to a class of shares if...
- Notify shareholders after director resolution on uncertificated shares
Participation in respect of securities other than shares
- Do not permit uncertificated holding or transfer of non-share securities unless conditions met
Entries on registers and records in respect of general public sector securities
- Maintain a register of general public sector securities
Entries on registers and records in respect of other securities
- Maintain a record of uncertificated corporate securities from the Operator register
General provisions concerning keeping registers and records
- Do not enter trust notices on the Operator register
Rectification of registers of securities
- Don't correct the share register without Operator or court order
Closing registers
- Do not close the register of participating securities without Operator consent
Registration by an Operator of transfers of securities
Other duties (1) — Crown / regulator
- Operator must register securities transfers (unless prohibited) Statutory regulator
Registration by a participating issuer of transfers of securities upon conversion into certificated form
- Register or refuse transfers of securities upon conversion to certificated form and notify the Operator
Conversion of securities into certificated form
- Issue share certificates when converting electronic holdings to paper
Conversion of securities into uncertificated form
- Only convert securities to uncertificated form when conditions are met
New issues in uncertificated form
- Issuers may issue new uncertificated units only to system-members
Liability for forged dematerialised instructions, induced amendments to Operator registers of securities, and induced Operator-instructions
Other duties (1) — Crown / regulator
- Operator must compensate for forged instructions and provide information Statutory regulator
Certain formalities and requirements not to apply
- Do not issue paper certificates for uncertificated units and provide information on request
Fees charged by Operators
Other duties (1) — Crown / regulator
- Operators cannot charge issuers for maintaining the securities register Statutory regulator
Notices to minority shareholders
- Notify operator and update register upon receiving takeover notice for uncertificated shares
Browse 37 other sections — procedural / definitional / commencement
Citation and commencement
Purposes and basic definition
Interpretation
Applications for approval
Operating conditions for relevant system
Fees charged by the Bank of England
Withdrawal of approval
Compliance orders and directions
Injunctions and restitution orders
Provision of information by Operators
Delegation of Treasury functions
Appointment of persons to carry out general investigations etc.
International obligations
Prevention of excessive regulatory provision
Participation in respect of shares
This regulation applies to a class of shares if a...
(1) A class of shares in relation to which, immediately...
Interpretation of regulations 15, 16 and 17
Entries on registers and records in respect of shares
Effect of entries on registers
Registration to be in accordance with regulations 27 and 28
Registration of linked transfers
Position of a transferee prior to entry on an issuer register of securities
Properly authenticated dematerialised instructions,
Construction of references to transfers etc.
Trusts, trustees and personal representatives etc.
Notices of meetings etc.
Irrevocable powers of attorney
Actual notice
Participating securities issued in uncertificated form
Breaches of statutory duty
Liability of officers for contraventions
Exemption from liability
Application to Northern Ireland
Transitory provisions
Minor and consequential amendments
Revocations
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