Paragraph 15 I1
United Kingdom
A relevant system must—
(a)
enable a system-member—
(i)
to grant authority to a sponsoring system-participant to send properly authenticated dematerialised instructions on his behalf; and
(ii)
to limit such authority by reference to the net value of the units of the securities to be transferred in any one day; and
(b)
prevent the transfer of units in excess of that limit.
Annotations
Commencement
- I1
Sch. 1 para. 15 in force at 26.11.2001, see reg. 1
Notes on Schedule 1
Textual amendments
- F1
Sch. 1 heading substituted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(9)(a) (with regs. 10-12)