{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-4",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-4.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/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Circumstances in which Part VII applies in relation to system-charge",
  "text": "(1) Part VII of the Act shall apply in relation to a system-charge granted by a system-member and in relation to property subject to such a charge only if—\n(a) it is granted to a settlement bank by a system-member for the purpose of securing debts or liabilities arising in connection with any of the transactions specified in regulation 3(2), being debts or liabilities incurred by that system-member or by a system-beneficiary on whose behalf he holds uncertificated units of a security; and\n(b) it contains provisions which refer expressly to the relevant system in relation to which the grantor is a system-member.\n(2) Part VII of the Act shall apply in relation to a system-charge granted by a system-beneficiary and in relation to property subject to such a charge only if—\n(a) it is granted to a settlement bank by a system-beneficiary for the purpose of securing debts or liabilities arising in connection with any of the transactions specified in regulation 3(2), incurred by that system-beneficiary or by a system-member who holds uncertificated units of a security on his behalf; and\n(b) it contains provisions which refer expressly to the relevant system in relation to which the system-member who holds the uncertificated units of a security in relation to which the system-beneficiary has the interest is a system-member.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1469/regulation/4",
    "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."
}