Article 45 Sending dematerialised instructions

United Kingdom

(1)

Sending, on behalf of another person, dematerialised instructions relating to a security F1or a contractually based investment is a specified kind of activity, where those instructions are sent by means of a relevant system F2within the meaning of the 2001 Regulations.

(2)

Causing dematerialised instructions relating to a security F3or a contractually based investment to be sent F4on behalf of another person by means of such a system is also a specified kind of activity where the person causing them to be sent is a system-participant.

(3)

In this Chapter—

F5(a)

“the 2001 Regulations” means the Uncertificated Securities Regulations 2001;

(b)

“dematerialised instruction", F6..., “settlement bank" and “system-participant" have the meaning given by regulation 3 of the F72001 Regulations.

Annotations

Textual amendments

F1: Words in art. 45(1) inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(1)(a)
F2: Words in art. 45(1) substituted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 6(a) (with regs. 10-12)
F3: Words in art. 45(2) inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(2)
F4: Words in art. 45(2) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 7
F5: Art. 45(3)(a) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(3)(a)
F6: Word in art. 45(3)(b) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 6(b) (with regs. 10-12)
F7: Word in art. 45(3)(b) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(3)(b)