{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-5",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-regulations-1996/regulation-5.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/5",
  "kind": "regulation",
  "number": "5",
  "heading": "Extent to which Part VII applies to a system-charge",
  "text": "Part VII of the Act shall apply in relation to a system-charge only to the extent that—\n(a) it is a charge over any one or more of the following—\n(i) uncertificated units of a security held by a system-member or a former system-member;\n(ii) interests of a kind specified in regulation 25(1)(a) or 25(2)(a) of the 1995 Regulations in uncertificated units of a security in favour of a system-member of a former system-member;\n(iii) interests of a system-beneficiary in relation to uncertificated units of a security;\n(iv) units of a security which are no longer in uncertificated form because the person holding the units has become a former system-member;\n(v) sums or other benefits receivable by a system-member or former system-member by reason of his holding uncertificated units of a security, or units which are no longer in uncertificated form because the person holding the units has become a former system-member;\n(vi) sums or other benefits receivable by a system-beneficiary by reason of his having an interest in relation to uncertificated units of a security or in relation to units which are no longer in uncertificated form because the person holding the units has become a former system-member;\n(vii) sums or other benefits receivable by a system-member or former system-member by way of repayment, bonus, preference, redemption, conversion or accruing or offered in respect of uncertificated units of a security, or units which are no longer in uncertificated form because the person holding the units has become a former system-member;\n(viii) sums or other benefits receivable by a system-beneficiary by way of repayment, bonus, preference, redemption, conversion or accruing or offered in respect of uncertificated units of a security in relation to which he has an interest or in respect of units in relation to which the system-beneficiary has an interest and which are no longer in uncertificated form because the person holding the units has become a former system-member;\n(ix) sums or other benefits receivable by a system-member or former system-member in respect of the transfer of uncertificated units of a security by or to him by means of a relevant system;\n(x) sums or other benefits receivable by a system-member or former system-member in respect of an agreement to transfer uncertificated units of a security by or to him by means of a relevant system;\n(xi) sums or other benefits receivable by a system-beneficiary in respect of the transfer of the interest of a system-beneficiary in relation to uncertificated units of a security by or to him by means of a relevant system or in respect of the transfer of uncertificated units of a security by or to a system-member acting on his behalf by means of a relevant system;\n(xii) sums or other benefits receivable by a system-beneficiary in respect of an agreement to transfer the interest of a system-beneficiary in relation to uncertificated units of a security by or to him by means of a relevant system, or in respect of an agreement to transfer uncertificated units of a security by or to a system-member acting on his behalf by means of a relevant system; and\n(b) it secures—\n(i) the obligation of a system-member or former system-member to reimburse a settlement bank, being an obligation which arises in connection with any of the transactions specified in regulation 3(2) and whether the obligation was incurred by the system-member when acting for himself or when acting on behalf of a system-beneficiary; or\n(ii) the obligation of a system-beneficiary to reimburse a settlement bank, being an obligation which arises in connection with any of the transactions specified in regulation 3(2) and whether the obligation was incurred by the system-beneficiary when acting for himself or by reason of a system-member acting on his behalf.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "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/5",
    "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."
}