Explanatory note
(This note is not part of the Regulations)
These Regulations make provision for disregarding, for the purposes of the disclosure of interests in shares pursuant to sections 198 to 202 of the Companies Act 1985, certain interests in shares arising from arrangements effected under a computer-based system for the transfer of title to securities otherwise than by a written instrument where the operator of the system is approved by the Treasury under the Uncertificated Securities Regulations 1995 (“the system”).
Where:
securities of a particular aggregate value are transferred by one person (“the transferor”) to another person (“the transferee”) under the system;
those securities are of kinds and amounts determined by the facilities and procedures maintained and operated by the operator of the system; and
those securities, or securities of the same kinds and amounts are returned to the transferor on the next day on which the system is in operation,
any interest of the transferee in those securities is disregarded for the purposes of sections 198 to 202 of the Companies Act 1985.