{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-2001/regulation-48",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-2001/regulation-48.json",
  "legislation": "uksi/2001/3755",
  "legislation_title": "The Uncertificated Securities Regulations 2001",
  "legislation_url": "https://openlegislation.uk/uncertificated-securities-regulations-2001",
  "path": "regulation/48",
  "kind": "regulation",
  "number": "48",
  "heading": "Exemption from liability",
  "text": "Regulations 21(5), 28(9), 32(9) and (10), and 33(11) shall not apply to any of the following or its officers—\n(a) the Crown;\n(b) any person acting on behalf of the Crown;\n(c) the Bank of England;\n(d) the Registrar of Government Stock;\n(e) any previous Registrar of Government Stock; or\n(f) in respect of a security which immediately before it became a participating security was transferable by exempt transfer within the meaning of the Stock Transfer Act 1982, a participating issuer.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 48(c)-(f) substituted for reg. 48(c)(d) (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. para. 29(5) (with art. 3, Sch. para. 1)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 48 in force at 26.11.2001, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/3755/regulation/48",
    "retrieved_at": "2026-10-29T07:21:41.154685+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."
}