Regulation 65 Statements of account
Subject to paragraph (2), a controller shall, within 5 working days of any change in the number of entitlements held for one of his or its account holders or a person first becoming one of his or its account holders, send a statement of account to that person, unless the controller has reason to suspect that the address held by him or it for the person is not current or is, in his or its opinion, obviously not suitable for communications with the account holder. In the case of two or more persons acting jointly being together an account holder, the statement need only be sent to the first person listed in the controller’s record of account holders.
Paragraph (1) is subject to any different provision made in an agreement authorising a commercial controller to hold entitlements. It is also subject to any arrangements that might be made by a company and any primary and alternative company controllers of the company in respect of a statement to be sent in connection with the conversion of a security into uncertificated form.
A controller shall ensure that a statement of account is sent to each of his or its account holders not less often than every 12 months, unless the controller has reason to suspect that the address held by him or it for the person is not current or is, in his or its opinion, obviously not suitable for communications with the account holder. This paragraph applies notwithstanding any provision in any agreement to the contrary, including any agreement authorising a commercial controller to hold entitlements (entered into under regulation 13).
A statement of account under this regulation shall at least state:
the name and address of the controller;
whether the controller is acting as a commercial, alternative company or primary company controller in relation to the account;
the name of the account holder (in the case of persons acting jointly who are together an account holder, the name of each such person);
the address of the account holder as recorded in the controller’s record of account holders (in the case of persons acting jointly who are together an account holder, the address of the first person listed in the record);
the date as at which the statement is drawn up;
the name of the company which has issued the security concerned;
the identity of the security concerned;
the number of entitlements in that security held for the account holder on the date as at which the statement is drawn up; and
(where the statement is issued under paragraph (1) due to a change in the number of entitlements held for a person) the increase or decrease in the number of entitlements held.