Paragraph 26 I1

United Kingdom

An Operator’s rules and practices must require—

(a)

that each system-participant is able to send and receive properly authenticated dematerialised instructions;

(b)

that each system-member has arrangements—

(i)

for properly authenticated dematerialised instructions attributable to him to be sent;

(ii)

for properly authenticated dematerialised instructions to be received by or for him; and

(iii)

with a settlement bank for payments to be made, where appropriate, for units of a security transferred by means of the relevant system; and

(c)

that each participating issuer is able to respond with sufficient speed to Operator-instructions.

Annotations

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)