Statutory Instrument 1996 No. 1469

The Financial Markets and Insolvency Regulations 1996

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© Crown Copyright 1996

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1996 No. 1469

FINANCIAL SERVICES

The Financial Markets and Insolvency Regulations 1996

The Treasury and the Secretary of State, in exercise of the powers conferred by sections 185 and 186 of the Companies Act 1989^[1] and of all other powers enabling them in that behalf, hereby make the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Financial Markets and Insolvency Regulations 1996 and shall come into force on 15th July 1996.

Interpretation
    2.—(1)  In these Regulations—

"the Act" means the Companies Act 1989;


"business day" means any day which is not a Saturday or Sunday, Christmas Day, Good Friday or a bank holiday in any part of the United Kingdom under the Banking and Financial Dealings Act 1971^[2];


"issue", in relation to an uncertificated unit of a security, means to confer on a person title to a new unit;


"register of securities"—
 (a) in relation to shares, means a register of members; and
 (b) in relation to units of a security other than shares, means a register maintained by the issuer, whether by virtue of the 1995 Regulations or otherwise, of persons holding the units;


"the 1995 Regulations" means the Uncertificated Securities Regulations 1995^[3];


"relevant nominee" means a system-member who is a subsidiary undertaking of the Operator designated by him as such in accordance with such rules and practices as are mentioned in paragraph 19(d) of Schedule 1 to the 1995 Regulations;


"settlement bank" means a person who has contracted with an Operator to make payments in connection with transfers, by means of a relevant system, of title to uncertificated units of a security and of interests of system-beneficiaries in relation to such units;


"system-beneficiary" means a person on whose behalf a system-member or former system-member holds or held uncertificated units of a security;


"system-charge" means a charge of a kind to which regulation 3(2) applies;


"system-member" means a person who is permitted by an Operator to transfer by means of a relevant system title to uncertificated units of a security held by him; and "former system-member" means a person whose participation in the relevant system is terminated or suspended;


"transfer", in relation to title to uncertificated units of a security, means the generation of an Operator-instruction requiring a participating issuer to register a system-member on the relevant register of securities as the holder of those units; and in relation to an interest of a system-beneficiary in relation to uncertificated units of a security, means the transfer of the interest to another system-beneficiary by means of a relevant system; and

other expressions used in these Regulations which are also used in the 1995 Regulations have the same meanings as in those Regulations.

    (2)  For the purposes of these Regulations, a person holds a unit of a security if—
 (a) in the case of an uncertificated unit, he is entered on a register of securities in relation to the unit in accordance with regulation 19 of the 1995 Regulations; and
 (b) in the case of a certificated unit, he has title to the unit.

    (3)  A reference in any of these Regulations to a numbered regulation shall be construed as a reference to the regulation bearing that number in these Regulations.

    (4)  A reference in any of these Regulations to a numbered paragraph shall, unless the reference is to a paragraph of a specified regulation, be construed as a reference to the paragraph bearing that number in the regulation in which the reference is made.

[1] 1989 c. 40. The powers originally vested in the Secretary of State by sections 185 and 186 of the Companies Act 1989 are now exercisable by him jointly with the Treasury by virtue of the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315). back

[2] 1971 c. 80. back

[3] S.I. 1995/3272. back

Explanatory Note