# The Uncertificated Securities Regulations 2001, Regulation 48: Exemption from liability


Regulations 21(5), 28(9), 32(9) and (10), and 33(11) shall not apply to any of the following or its officers—
(a) the Crown;
(b) any person acting on behalf of the Crown;
(c) the Bank of England; or
(d) in respect of a security which immediately before it became a participating security was transferable by exempt transfer within the meaning of the Stock Transfer Act 1982, a participating issuer.

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Source: https://www.legislation.gov.uk/ukdsi/2001/0110387449/regulation/48 (the official version)
Page: https://openlegislation.uk/draft-uncertificated-securities-regulations-2001/regulation-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.