OpenLegislation

Paragraph 12

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

A relevant system must—

(a)

enable a system-member—

(i)

to grant authority to a sponsoring system-participant to send properly authenticated dematerialised instructions on his behalf; and

(ii)

to limit such authority by reference to the net value of the units of securities to be transferred in any one day; and

(b)

prevent the transfer of units in excess of that limit.