Paragraph 21

After section 43(5), add–

“(5A)

No regulation under subsection (5) applies in relation to uncertificated units of a loan instrument to the extent that it is inconsistent with–

(a)

the holding of such units in uncertificated form;

(b)

the transfer of title to such units by means of a relevant system; or

(c)

the 2001 Regulations.”.