{
  "url": "https://openlegislation.uk/draft-uncertificated-securities-regulations-2001/schedule-1/paragraph-25",
  "json_url": "https://openlegislation.uk/draft-uncertificated-securities-regulations-2001/schedule-1/paragraph-25.json",
  "legislation": "ukdsi/2001/0110387449",
  "legislation_title": "The Uncertificated Securities Regulations 2001",
  "legislation_url": "https://openlegislation.uk/draft-uncertificated-securities-regulations-2001",
  "path": "schedule/1/paragraph/25",
  "kind": "paragraph",
  "number": "25",
  "heading": null,
  "text": "An Operator’s rules and practices—\n(a) must bind system-members and participating issuers—\n(i) so as to ensure the efficient processing of transfers of title to uncertificated units of a security in response to Operator-instructions; and\n(ii) as to the action to be taken where transfer of title in response to a system-member instruction or an Operator-instruction cannot be effected;\n(b) must make provision as to the manner in which a system-member or the relevant participating issuer may change the form in which that system-member holds units of a participating security (other than a wholly dematerialised security);\n(c) must make provision for a participating issuer to cease to participate in respect of a participating security so as—\n(i) to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and\n(ii) to provide the participating issuer with any relevant information held by the Operator relating to the uncertificated units of the relevant security held by system-members;\n(d) must make provision for the orderly termination of participation by system-members and system-participants whose participation is disruptive to other system-members or system-participants or to participating issuers;\n(e) must make provision—\n(i) as to which of the Operator’s records are to constitute an Operator register of securities in relation to a participating security, or a participating security of a particular kind; and\n(ii) as to the times at which, and the manner in which, a participating issuer may inspect an Operator register of securities in accordance with paragraph 12;\n(f) if they make provision for the designation of a subsidiary undertaking as a relevant nominee, must require that the relevant nominee maintain adequate records of—\n(i) the names of the persons who have an interest in the securities it holds; and\n(ii) the nature and extent of their interests; and\n(g) must make provision for the authentication by the Operator of any written notification given under regulation 25(3) or 32(2)(c).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2001/0110387449/schedule/1/paragraph/25",
    "retrieved_at": "2026-10-30T15:26:35.791495+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}