{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-19",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-19.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/19",
  "kind": "paragraph",
  "number": "19",
  "heading": null,
  "text": "An Operator’s rules and practices—\n(a) must bind system-members and participating issuers—\n(i) so as to ensure the efficient processing of transfers of title to uncertificated units of a security in response to Operator-instructions; and\n(ii) as to the action to be taken where transfer of title in response to an Operator-instruction cannot be effected;\n(b) must make provision for a participating issuer to cease to participate in respect of a participating security so as—\n(i) to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and\n(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;\n(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\n(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—\n(i) the names of the persons who have an interest in the securities it holds; and\n(ii) the nature and extent of their interests.",
  "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/19",
    "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."
}