# The Uncertificated Securities Regulations 1995, Paragraph 12


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.

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Source: https://www.legislation.gov.uk/uksi/1995/3272/schedule/1/paragraph/12 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.