# The Uncertificated Securities Regulations 2001, Regulation 7: Withdrawal of approval


(1) The Treasury may withdraw an Operator’s approval at the request, or with the consent, of the Operator.
(2) If it appears to the Treasury that—
(a) any requirement of Schedule 1 is not satisfied in relation to an Operator; or
(b) an Operator is failing or has failed to comply with any obligation imposed on him by or under these Regulations,
they may withdraw approval from that Operator by written instrument even though the Operator does not wish his approval to be withdrawn.
(3) Schedule 3 shall have effect as regards the procedure to be followed before withdrawing an Operator’s approval under paragraph (2).
(4) An instrument withdrawing an Operator’s approval shall state the date on which it is to take effect.
(5) In the case of an instrument withdrawing an Operator’s approval under paragraph (2), the date stated shall not be earlier than the end of the period of three months beginning with the day on which the instrument is executed.
(6) An instrument withdrawing an Operator’s approval may contain such transitional provisions as the Treasury think necessary or expedient.

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Source: https://www.legislation.gov.uk/ukdsi/2001/0110387449/regulation/7 (the official version)
Page: https://openlegislation.uk/draft-uncertificated-securities-regulations-2001/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.