{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-12",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-12.json",
  "legislation": "uksi/1995/3272",
  "legislation_title": "The Uncertificated Securities Regulations 1995",
  "legislation_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995",
  "path": "schedule/1/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "A relevant system must—\n(a) enable a system-member—\n(i) to grant authority to a sponsoring system-participant to send properly authenticated dematerialised instructions on his behalf; and\n(ii) to limit such authority by reference to the net value of the units of securities to be transferred in any one day; and\n(b) prevent the transfer of units in excess of that limit.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "added",
      "affecting": "uksi/2000/1682",
      "affecting_title": "The Uncertificated Securities (Amendment) Regulations 2000"
    },
    {
      "type": "added",
      "affecting": "uksi/2000/1682",
      "affecting_title": "The Uncertificated Securities (Amendment) Regulations 2000"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/3272/schedule/1/paragraph/12",
    "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."
}