{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-5",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-5.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/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "A relevant system must be constructed and operate in such a way&—\n(a) so as to minimise the possibility of unauthorised access to, or modification of, any program or data held in any computer forming part of the Operator-system;\n(b) that each dematerialised instruction is properly authenticated in accordance with the specifications of the Operator, which shall provide that each dematerialised instruction—\n(i) is identifiable as being from the computers of a particular system-participant; and\n(ii) is designed to minimise fraud and forgery;\n(c) that each dematerialised instruction, in accordance with the specifications of the Operator, expresses by whom it has been sent and, where relevant, on whose behalf it has been sent;\n(d) that each dematerialised instruction, in accordance with the specifications of the Operator, indicates—\n(i) where it is sent to a system-participant or the Operator, that it is addressed to that system-participant or the Operator; and\n(ii) where it is sent to a person who is using the facilities of a sponsoring system-participant to receive dematerialised instructions, that it is addressed to that person and the sponsoring system-participant; and\n(iii) where it is sent to the Operator in order for him to send an Operator-instruction to a system-participant, that it is addressed to the Operator, to the system-participant and, if the system-participant is acting as a sponsoring system-participant, to the relevant person on whose behalf the sponsoring system-participant receives dematerialised instructions; and\n(e) that the possibility for a system-participant to send a dematerialised instruction on behalf of a person from whom he has no authority is minimised.",
  "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/5",
    "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."
}