# The Uncertificated Securities Regulations 1992, Regulation 38: Consequences of refusal of registration


(1) 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.
(2) Having registered a default nominee under this regulation, the company shall notify the controller concerned of the registration as soon as reasonably practicable.

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Source: https://www.legislation.gov.uk/uksi/1992/225/regulation/38 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-38
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.