Regulation 38 Consequences of refusal of registration

Where a company refuses for any reason to register on the appropriate register a person as a holder of a unit of an uncertificated security in response to a proper instruction to register, it shall instead register, as the holder, the default nominee of the controller that issued the proper instruction to register that person.

Having registered a default nominee under this regulation, the company shall notify the controller concerned of the registration as soon as reasonably practicable.