Paragraph 19

An Operator’s rules and practices—

(a)

must bind system-members and participating issuers—

(i)

so as to ensure the efficient processing of transfers of title to uncertificated units of a security in response to Operator-instructions; and

(ii)

as to the action to be taken where transfer of title in response to an Operator-instruction cannot be effected;

(b)

must make provision for a participating issuer to cease to participate in respect of a participating security so as—

(i)

to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and

(ii)

to provide the participating issuer with any relevant information held by the Operator relating to uncertificated units of the relevant security held by system-members;

(c)

must make provision for the orderly termination of participation by system-members and system-participants whose participation is disruptive to other system-members or system-participants or to participating issuers; and

(d)

if they make provision for the designation of a subsidiary undertaking as a relevant nominee, must require that the relevant nominee maintain adequate records of—

(i)

the names of the persons who have an interest in the securities it holds; and

(ii)

the nature and extent of their interests.