# The Uncertificated Securities Regulations 1995, 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.

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Source: https://www.legislation.gov.uk/uksi/1995/3272/schedule/1/paragraph/19 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.