{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/regulation-18",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/regulation-18.json",
  "legislation": "uksi/1995/3272",
  "legislation_title": "The Uncertificated Securities Regulations 1995",
  "legislation_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995",
  "path": "regulation/18",
  "kind": "regulation",
  "number": "18",
  "heading": "Participation in respect of securities other than shares",
  "text": "(1) Subject to paragraph (2), where an Operator permits a security other than a share to be a participating security, title to units of that security which are recorded in a register of securities as being held in uncertificated form may be transferred by means of a relevant system.\n(2) In relation to any security (other than a share), if the law under which it is constituted is not a law of England and Wales, Northern Ireland or Scotland, or if a current term of its issue is in any respect inconsistent with—\n(a) the holding of title to units of that security in uncertificated form;\n(b) the transfer of title to units of that security by means of a relevant system; or\n(c) these Regulations,\nthe issuer shall not permit the holding of units of that security in uncertificated form, or the transfer of title to units of that security by means of a relevant system.\n(3) In this regulation the terms of issue of a security shall be taken to include the terms prescribed by the issuer on which units of the security are held and title to them is transferred.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/3272/regulation/18",
    "retrieved_at": "2026-10-29T12:55:24.582046+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."
}