Regulation 12 Transitional and savings provisions for issuersI1

United Kingdom

(1)

Paragraphs (2) and (3) apply where—

(a)

title to units of a security to which Article 49(1) of the CSD regulation applies is recorded on the Operator register of securities of a CSD Operator immediately before the transition period for that CSD Operator ends (in accordance with regulation 11(2)), and

(b)

the CSD Operator is recognised as a recognised CSD.

(2)

The issuer of the security is not required to make a request under Article 49(2) of the CSD regulation for recording its securities in the relevant system.

(3)

The fact that the issuer of the security has not made a request as described in paragraph (2) does not prevent—

(a)

title to units of that security continuing to be evidenced otherwise than by a certificate by virtue of the Uncertificated Securities Regulations 2001, and

(b)

transfer of title to units of that security continuing to be subject to those Regulations.

Annotations

Commencement

I1: Reg. 12 in force at 27.3.2019, see reg. 1(2)

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 13) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xxiii)