# The Uncertificated Securities Regulations 1995, Paragraph 16


(1) Subject to subparagraph (2), a relevant system must comprise procedures which provide that an Operator-instruction to a participating issuer relating to a right, privilege or benefit attaching to or arising from an uncertificated unit of a security, is generated only if it has—
(a) received a properly authenticated dematerialised instruction attributable to the system-member having the right, privilege or benefit requiring the Operator to generate an Operator-instruction to the participating issuer; or
(b) been required to do so by a court in the United Kingdom or by or under an enactment.
(2) A relevant system must comprise procedures which provide that an Operator-instruction to a participating issuer relating to a right, privilege or benefit attaching to or arising from an uncertificated unit of a security, may be generated if necessary to correct an error and if in accordance with the rules and practices of an Operator instituted in order to comply with this Schedule.

---
Source: https://www.legislation.gov.uk/uksi/1995/3272/schedule/1/paragraph/16 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.