{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-34",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-34.json",
  "legislation": "uksi/1992/225",
  "legislation_title": "The Uncertificated Securities Regulations 1992",
  "legislation_url": "https://openlegislation.uk/uncertificated-securities-regulations-1992",
  "path": "regulation/34",
  "kind": "regulation",
  "number": "34",
  "heading": "Conditional instructions by way of security (England and Wales and Northern Ireland)",
  "text": "(1) This regulation shall have effect so as to facilitate the giving of a security interest over units of a security under the law of England and Wales or Northern Ireland.\n(2) Without prejudice to any other circumstances in which a conditional instruction may be issued to a controller, an account holder may, in order to give security for any obligation, issue an instruction to a controller to hold an entitlement for another person (which may be the controller) under regulation 33(1) on terms that the instruction:\n(a) is conditional upon being confirmed by the person specified in the instruction; and\n(b) is to cease to have effect if that person cancels it but is otherwise irrevocable as between the controller and the account holder.\n(3) A controller shall acknowledge the receipt of such an instruction to the account holder and the person specified in the instruction, giving the date of its receipt.\n(4) Where a commercial controller has received such an instruction but the instruction has not yet been confirmed or cancelled, the controller shall not issue any communication on behalf of the account holder to the company or any other person in repsect of the entitlements subject to the instruction unless he or it has given 10 working days prior notice to the person specified in the instruction.\n(5) A commercial controller:\n(a) may agree with an account holder that he or it will not receive instructions under this regulation; and\n(b) shall not accept an instruction under this regulation unless he or it is authorised to hold any entitlemenmt concerned.\nThis regulation is also subject to any agreement between such a controller, an account holder of that controller giving an instruction under this regulation and any person specified in the instruction.\n(6) An instruction given under paragraph (1) shall be regarded, for the purposes of any provision of these Regulations, as being an instruction under regulation 33(1), notwithstanding its conditional nature.\nA person giving such an instruction shall be regarded as the account holder with respect to any entitlement concerned until the insruction has been confirmed and acted upon.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/225/regulation/34",
    "retrieved_at": "2026-10-29T14:29:49.332796+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."
}