{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-2001/schedule-1/paragraph-25",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-2001/schedule-1/paragraph-25.json",
  "legislation": "uksi/2001/3755",
  "legislation_title": "The Uncertificated Securities Regulations 2001",
  "legislation_url": "https://openlegislation.uk/uncertificated-securities-regulations-2001",
  "path": "schedule/1/paragraph/25",
  "kind": "paragraph",
  "number": "25",
  "heading": null,
  "text": "An Operator’s rules and practices—\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) must make provision as to the manner in which a system-member or the relevant participating issuer may change the form in which that system-member holds units of a participating security (other than a wholly dematerialised security);\n(c) must make provision for a participating issuer to cease to participate in respect of a participating security so as—\n(i) to minimise so far as practicable any disruption to system-members in respect of their ability to transfer the relevant security; and\n(ii) to provide the participating issuer with any relevant information held by the Operator relating to the uncertificated units of the relevant security held by system-members;\n(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(e) must make provision—\n(i) as to which of the Operator’s records are to constitute an Operator register of securities in relation to a participating security, or a participating security of a particular kind; and\n(ii) as to the times at which, and the manner in which, a participating issuer may inspect an Operator register of securities (other than an Operator register of eligible debt securities) in accordance with paragraph 12;\n(f) if they make provision for the designation of a subsidiary undertaking as a relevant nominee, must require that the relevant nominee maintain adequate records of—\n(i) the names of the persons who have an interest in the securities it holds; and\n(ii) the nature and extent of their interests; and\n(g) must make provision for the authentication by the Operator of any written notification given under regulation 25(3) or 32(2)(c).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 1 para. 25(a) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(9)(g) (with regs. 10-12)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 1 para. 25(d) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 4(9)(g) (with regs. 10-12)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 1 para. 25(e)(ii) inserted (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1(1), 12"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 1 para. 25 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/schedule/1/paragraph/25",
    "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."
}