{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-2",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-2.json",
  "legislation": "uksi/1996/1469",
  "legislation_title": "The Financial Markets and Insolvency Regulations 1996",
  "legislation_url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In these Regulations—\n“the Act” means the Companies Act 1989;\n“business day” means any day which is not a Saturday or Sunday, Christmas Day, Good Friday or a bank holiday in any part of the United Kingdom under the Banking and Financial Dealings Act 1971;\n“issue”, in relation to an uncertificated unit of a security, means to confer on a person title to a new unit;\n“register of securities”—\n(a) in relation to shares, means a register of members; and\n(b) in relation to units of a security other than shares, means a register maintained by the issuer, whether by virtue of the 1995 Regulations or otherwise, of persons holding the units;\n“the 1995 Regulations” means the Uncertificated Securities Regulations 1995;\n“relevant nominee” means a system-member who is a subsidiary undertaking of the Operator designated by him as such in accordance with such rules and practices as are mentioned in paragraph 19(d) of Schedule 1 to the 1995 Regulations;\n“settlement bank” means a person who has contracted with an Operator to make payments in connection with transfers, by means of a relevant system, of title to uncertificated units of a security and of interests of system-beneficiaries in relation to such units;\n“system-beneficiary” means a person on whose behalf a system-member or former system-member holds or held uncertificated units of a security;\n“system-charge” means a charge of a kind to which regulation 3(2) applies;\n“system-member” means a person who is permitted by an Operator to transfer by means of a relevant system title to uncertificated units of a security held by him; and “former system-member” means a person whose participation in the relevant system is terminated or suspended;\n“transfer”, in relation to title to uncertificated units of a security, means the generation of an Operator-instruction requiring a participating issuer to register a system-member on the relevant register of securities as the holder of those units; and in relation to an interest of a system-beneficiary in relation to uncertificated units of a security, means the transfer of the interest to another system-beneficiary by means of a relevant system; and\nother expressions used in these Regulations which are also used in the 1995 Regulations have the same meanings as in those Regulations.\n(2) For the purposes of these Regulations, a person holds a unit of a security if—\n(a) in the case of an uncertificated unit, he is entered on a register of securities in relation to the unit in accordance with regulation 19 of the 1995 Regulations; and\n(b) in the case of a certificated unit, he has title to the unit.\n(3) A reference in any of these Regulations to a numbered regulation shall be construed as a reference to the regulation bearing that number in these Regulations.\n(4) A reference in any of these Regulations to a numbered paragraph shall, unless the reference is to a paragraph of a specified regulation, be construed as a reference to the paragraph bearing that number in the regulation in which the reference is made.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1971 c. 80."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "S.I. 1995/3272."
    }
  ],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3755",
      "affecting_title": "The Uncertificated Securities Regulations 2001"
    },
    {
      "type": "words omitted",
      "affecting": "uksi/2001/3755",
      "affecting_title": "The Uncertificated Securities Regulations 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3755",
      "affecting_title": "The Uncertificated Securities Regulations 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3755",
      "affecting_title": "The Uncertificated Securities Regulations 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3755",
      "affecting_title": "The Uncertificated Securities Regulations 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3755",
      "affecting_title": "The Uncertificated Securities Regulations 2001"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1469/regulation/2",
    "retrieved_at": "2026-10-29T12:42:30.916911+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."
}