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Paragraph 7

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Before an Operator-instruction to a participating issuer to register a transfer of uncertificated units of a security is generated, a relevant system must—

(a)

be able to establish that the transferor is likely to have title to or, by virtue of regulation 25(1) or (2), an interest in, such number of units of the security as is in aggregate at least equal to the number to be transferred; or

(b)

be able to notify the participating issuer in accordance with regulation 24(1) that the transfer is one of two or more transfers which may be registered in accordance with regulation 24(2).