Paragraph 16 I1

for paragraph (1A) there shall be substituted—

“(1A)

Where the acceptance relates to a holding of uncertificated units of a security and at the time of acceptance that holding is transferable by means of a relevant system in accordance with the Uncertificated Securities Regulations 2001 as amended from time to time—

(a)

paragraph (1)(c) of this Rule shall not apply, and

(b)

the acceptance may be made by such means of electronic communication, and subject to such conditions, as the Treasury may approve for that purpose.”; and

there shall be inserted as a new paragraph after paragraph (1A)—

“(1B)

In paragraph (1A), the expressions “uncertificated units of a security” and “relevant system” shall have the same meanings as they have in the Uncertificated Securities Regulations 2001.”.