Paragraph 15

In the 1974 Regulations—

(a)

in regulation 1(3)—

(i)

for ““the 1995 Regulations” means the Uncertificated Securities Regulations 1995 as amended from time to time;” there shall be substituted ““the 2001 Regulations” means the Uncertificated Securities Regulations 2001 as amended from time to time;”; and

(ii)

the definitions of “the CGO Service”; “CGO Service member”; “the CGO Service Regulations”; and “exempt transfer” shall be omitted;

(b)

in regulation 6(1), for “Subject to regulation 6A below the” there shall be substituted “The”;

(c)

in regulation 7—

(i)

in paragraph (1)(a), for “paragraph (5)” there shall be substituted “paragraph (1A)”;

(ii)

after paragraph (1) there shall be inserted as a new paragraph—

“(1A)

Units of stock, or of bonds, which are recorded on a register kept by the Operator of a relevant system under the 2001 Regulations shall be transferable in no other manner than by means of that system in accordance with those Regulations.”; and

(iii)

in paragraph (3), there shall be omitted “and any record of a transfer effected through the medium of the CGO Service,” and “or, as the case may be, the exempt transfer”; and

(d)

in regulation 13(2)—

(i)

for “Subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations, the” there shall be substituted “The”; and

(ii)

there shall be omitted the words from “or, in the case of an exempt transfer” to the end.