{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-7",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1995/schedule-1/paragraph-7.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/7",
  "kind": "paragraph",
  "number": "7",
  "heading": null,
  "text": "Before an Operator-instruction to a participating issuer to register a transfer of uncertificated units of a security is generated, a relevant system must—\n(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\n(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).",
  "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/7",
    "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."
}