# The Financial Markets and Insolvency Regulations 1996, Regulation 2: Interpretation


(1) In these Regulations—
“the Act” means the Companies Act 1989;
“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;
“issue”, in relation to an uncertificated unit of a security, means to confer on a person title to a new unit;
“register of securities”—
(a) in relation to shares, means a register of members; and
(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;
“the 1995 Regulations” means the Uncertificated Securities Regulations 1995;
“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;
“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;
“system-beneficiary” means a person on whose behalf a system-member or former system-member holds or held uncertificated units of a security;
“system-charge” means a charge of a kind to which regulation 3(2) applies;
“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;
“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
other expressions used in these Regulations which are also used in the 1995 Regulations have the same meanings as in those Regulations.
(2) For the purposes of these Regulations, a person holds a unit of a security if—
(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
(b) in the case of a certificated unit, he has title to the unit.
(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.
(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.

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Source: https://www.legislation.gov.uk/uksi/1996/1469/regulation/2 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.