# The Uncertificated Securities Regulations 1995, Regulation 18: Participation in respect of securities other than shares


(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.
(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—
(a) the holding of title to units of that security in uncertificated form;
(b) the transfer of title to units of that security by means of a relevant system; or
(c) these Regulations,
the 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.
(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.

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Source: https://www.legislation.gov.uk/uksi/1995/3272/regulation/18 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1995/regulation-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.