7.  - (1) Any direction given under this Schedule shall, on the application of the person by whom it was given, be enforceable by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

    (2) The fact that any rules made by an Operator have been altered by or pursuant to a direction given by the Treasury under this Schedule shall not preclude their subsequent alteration or revocation by the Operator.

    (3) In determining under this Schedule whether any guidance has, or is likely to have, any particular effect the Treasury and the Director may assume that the persons to whom it is addressed will act in conformity with it.



SCHEDULE 3
Regulations 5(4), 7(3) and 8(4)


PROCEDURE FOR REFUSAL OR WITHDRAWAL OF APPROVAL AS AN OPERATOR, OR FOR GIVING DIRECTIONS, ETC.


     1. Before - 

    (a) refusing an application for approval as an Operator made under regulation 4 (whether or not pursuant to paragraph 1(1) of Schedule 2);

    (b) withdrawing an Operator's approval under regulation 7(2);

    (c) giving a direction under regulation 8;

    (d) exercising any power conferred by paragraph 1(3) of Schedule 2;

    (e) exercising the power to refuse leave under paragraph 2(2) of Schedule 2; or

    (f) giving a direction under paragraph 2(4) of Schedule 2, the Treasury shall - 

      (i) give written notice of their intention to do so to the Operator;

      (ii) take such steps as they consider reasonably practicable to bring the notice to the attention of system-users; and

      (iii) publish the notice in such manner as they think appropriate for bringing it to the attention of other persons who are, in their opinion, likely to be affected.

     2. A notice under paragraph 1 shall - 

    (a) state why the Treasury intend to refuse the application, withdraw the approval, give the direction, or exercise the power in question; and

    (b) draw attention to the right to make representations conferred by paragraph 3.

     3. Before the end of the period for making representations - 

    (a) the Operator,

    (b) any system-user, and

    (c) any other person who is likely to be affected by the proposed withdrawal or direction,

may make representations to the Treasury.

     4. The period for making representations is - 

    (a) two months beginning - 

      (i) with the date on which the notice under paragraph 1 is served on the Operator; or

      (ii) if later, with the date on which that notice is published; or

    (b) such longer period as the Treasury may allow in the particular case.

     5. In deciding whether to refuse the application, withdraw the approval, give the direction, or exercise the power in question, the Treasury shall have regard to any representations made in accordance with paragraph 3.

     6. When the Treasury have decided whether to refuse the application, withdraw the approval, give the direction, or exercise the power in question they shall, if they have decided to refuse the application, withdraw the Operator's approval under regulation 7(2), give a direction under regulation 8 or exercise a power conferred by paragraph 1(3) of Schedule 2 - 

    (a) give the Operator written notice of their decision; and

    (b) take such steps as they consider reasonably practicable for bringing their decision to the attention of system-users and of any other persons who are, in the Treasury's opinion, likely to be affected.

     7. If the Treasury consider it essential to do so, they may withdraw an Operator's approval under regulation 7(2) or give a direction under regulation 8 - 

    (a) without following the procedure set out in this Schedule; or

    (b) if the Treasury have begun to follow that procedure, regardless of whether the period for making representations has expired.

     8. If the Treasury have, in relation to a particular matter, followed the procedure set out in paragraphs 1 to 5, they need not follow it again if, in relation to that matter, they decide to take action other than that specified in their notice under paragraph 1.



SCHEDULE 4
Regulation 23(4)


KEEPING OF REGISTERS AND RECORDS OF PARTICIPATING SECURITIES


Interpretation

     1. In this Schedule - 

    "uncertificated shares" means shares title to which may be transferred by means of a relevant system; and "certificated shares" means shares which are not uncertificated shares; and

    "uncertificated stock" means stock title to which may be transferred by means of a relevant system; and "certificated stock" means stock which is not uncertificated stock.

Registers of Members

     2.  - (1) Every participating issuer which is a company shall enter in its issuer register of members - 

    (a) the names and addresses of the members;

    (b) the date on which each person was registered as a member; and

    (c) the date at which any person ceased to be a member.

    (2) With the names and addresses of the members there shall be entered a statement - 

    (a) of the certificated shares held by each member, distinguishing each share by its number (so long as the share has a number) and, where the company has more than one class of issued shares, by its class; and

    (b) of the amount paid or agreed to be considered as paid on the certificated shares of each member.

    (3) Where the company has converted any of its shares into stock and given notice of the conversion to the registrar of companies, the issuer register of members shall show the amount and class of the certificated stock held by each member, instead of the amount of shares and the particulars relating to shares specified in subparagraph (2).

    (4) Subject to subparagraph (5), section 352 of the 1985 Act shall not apply to a company which is a participating issuer, other than as respects any overseas branch register.

    (5) Section 352(5) of the 1985 Act shall apply to a participating issuer which is a company which makes default in complying with this paragraph and every officer of it who is in default as if such a default were a default in complying with section 352 of that Act.

    (6) An entry relating to a former member of the company may be removed from the issuer register of members after the expiration of 20 years beginning with the day on which he ceased to be a member.

    (7) For the purposes of this paragraph references to an issuer register of members shall not be taken to include an overseas branch register.

     3. Section 352A of the 1985 Act shall apply to a participating issuer which is a private company limited by shares as if references therein to the company's register of members were references to its issuer register of members.

     4.  - (1) In relation to every participating issuer which is a company, an Operator of a relevant system shall, in respect of any class of shares which is a participating security for the purposes of that system, enter on an Operator register of members - 

    (a) the names and addresses of the members who hold uncertificated shares in the company;

    (b) with those names and addresses a statement of the uncertificated shares held by each member and, where the company has more than one class of issued uncertificated shares, distinguishing each share by its class; and

    (c) where the company has converted any of its shares into stock and given notice of the conversion to the registrar of companies, the Operator register of members shall show the amount and class of uncertificated stock held by each member, instead of the amount of shares and the particulars relating to shares specified in subparagraph (b).

    (2) An entry relating to a member of a company who has ceased to hold any uncertificated shares in the company may be removed from the Operator register of members after the expiration of 20 years beginning with the day on which he ceased to hold any such shares.

    (3) For the purposes of this paragraph references to an Operator register of members shall not be taken to include an overseas branch register.

    (4) Members of a company who hold shares in uncertificated form may not be entered as holders of those shares on an overseas branch register.

Records of uncertificated shares

     5.  - (1) Every participating issuer which is a company shall enter in its record of uncertificated shares - 

    (a) the same particulars, so far as practicable, as are required by paragraph 4(1) to be entered in the Operator register of members; and

    (b) a statement of the amount paid or agreed to be considered as paid on the uncertificated shares of each member.

    (2) A company to which this paragraph applies shall, unless it is impracticable to do so by virtue of circumstances beyond its control, ensure that the record of uncertificated shares is regularly reconciled with the Operator register of members.

    (3) Provided that it has complied with subparagraph (2), a company shall not be liable in respect of any act or thing done or omitted to be done by or on behalf of the company in reliance upon the assumption that the particulars entered in any record of uncertificated shares which the company is required to keep by these Regulations accord with the particulars entered in its Operator register of members.

    (4) Section 352(5) of the 1985 Act shall apply to a participating issuer which is a company which makes default in complying with this paragraph and every officer of it who is in default as if such a default were a default in complying with section 352 of that Act.

Location of issuer register of members and records of uncertificated shares, and ancillary matters

     6.  - (1) Subject to subparagraph (2), a company's issuer register of members and its record of uncertificated shares shall be kept at its registered office, except that - 

    (a) if the work of making up the issuer register of members or the record of uncertificated shares is done at another office of the company, they may be kept there; and

    (b) if the company arranges with some other person for the making up of the issuer register of members or the record of uncertificated shares to be undertaken on its behalf by that other, they may be kept at the office of the other at which the work is done;

but the issuer register of members must not be kept, in the case of a company registered in England and Wales, at any place elsewhere than in England and Wales or, in the case of a company registered in Scotland, at any place elsewhere than in Scotland.

    (2) A company's issuer register of members and its record of uncertificated shares shall at all times be kept at the same place.

    (3) Subject as follows, every participating issuer which is a company shall send notice in the prescribed form to the registrar of companies of the place where its issuer register of members and its record of uncertificated shares are kept, and of any change in that place, provided that any notice sent by such a company in accordance with section 353(2) of the 1985 Act, and which has effect on the coming into force of these Regulations, shall be treated as being a notice sent in compliance with this subparagraph.

    (4) The notice need not be sent if the issuer register of members and the record of uncertificated shares have at all times since they came into existence been kept at the company's registered office.

    (5) Subject to subparagraph (6), sections 353 and 357 of the 1985 Act shall not apply to a company which is a participating issuer.

    (6) Section 353(4) of the 1985 Act shall apply to a participating issuer which is a company which makes default in complying with subparagraph (2) at any time, or makes default for 14 days in complying with subparagraph (3), and every officer of it who is in default as if such a default were a default in complying with section 353(2) of that Act.

     7.  - (1) Every participating issuer which is a company having more than 50 members shall, unless the particulars required by paragraph 2(1) to be entered in the issuer register of members are kept in such a form as to constitute in themselves an index, keep an index of the names of the members of the company and shall, within 14 days after the date on which any alteration is made in the issuer register of members or the Operator register of members, make any necessary alteration in the index.

    (2) The index shall in respect of each member contain a sufficient indication to enable the account of that member in the issuer register of members and, in the case of a member who holds uncertificated shares in the company, in the record of uncertificated shares, to be readily found.

    (3) The index shall be at all times kept at the same place as the issuer register of members and the record of uncertificated shares.

    (4) Subject to subparagraph (5), section 354 of the 1985 Act shall not apply to a company which is a participating issuer.

    (5) Section 354(4) of the 1985 Act shall apply to a participating issuer which is a company which makes default in complying with this paragraph and every officer of it who is in default as if such a default were a default in complying with section 354 of that Act.

     8. Section 355 of the 1985 Act shall apply to a company which is a participating issuer as if references in that section to the company's register of members were references instead to its issuer register of members.

     9. Section 356 of, and paragraph 25 of Schedule 13 to, the 1985 Act shall apply to a company which is a participating issuer as if - 

    (a) references in those provisions to the company's register of members were references to its issuer register of members and its record of uncertificated shares; and

    (b) references in section 356 to the company's index of members were references to the index required to be kept by paragraph 7,

and references to the 1985 Act in the Companies (Inspection and Copying of Registers, Indices and Documents) Regulations 1991[25] shall be construed accordingly.

     10. Where under paragraph 6(1)(b), a company's issuer register of members and record of uncertificated shares is kept at the office of some person other than the company, and by reason of any default of his the company fails to comply with - 

    paragraph 6(2) (record of uncertificated shares to be kept with issuer register of members);

    paragraph 6(3) (notice to registrar);

    paragraph 7(3) (index to be kept with issuer register of members and record of uncertificated shares); or

    section 356 of the 1985 Act (inspection),

or with any requirement of the 1985 Act as to the production of the register of members or any part thereof, that other person is liable to the same penalties as if he were an officer of the company who was in default, and the power of the court under section 356(6) of the 1985 Act extends to the making of orders against that other and his officers and servants.

     11. Where, under section 359 of the 1985 Act, the court orders rectification of the register of members of a company which is a participating issuer, it shall not order the payment of any damages under subsection (2) of that section to the extent that such rectification relates to the company's Operator register of members and does not arise from an act or omission of the Operator on the instructions of that company or from fraud or other wilful default, or negligence, on the part of that company.

Registers of public sector securities

     12.  - (1) Where an Operator of a relevant system is required to maintain an Operator register of public sector securities, that register shall comprise the following particulars which the Operator shall enter on it, namely - 

    (a) the names and addresses of the persons holding units of the relevant participating security in uncertificated form; and

    (b) how many units of that security each such person holds in that form.

    (2) The following provisions of the 1965 Regulations shall not apply in respect of units of UK Government securities held in uncertificated form - 

    regulations 1 to 3;

    regulations 3C to 3E;

    regulations 5 to 13;

    regulations 17 and 18; and

    regulations 19 to 22.

    (3) The following provisions of the 1974 Regulations shall not apply in respect of units of local authority securities held in uncertificated form - 

    regulations 5 and 6;

    regulations 8 to 14;

    regulation 16; and

    regulation 21.

Records of uncertificated public sector securities

     13.  - (1) The participating issuer shall enter in a record of uncertificated public sector securities the same particulars, so far as is practicable, as are required by paragraph 12(1) to be entered in the relevant Operator register of public sector securities.

    (2) In respect of every participating security which is a UK Government security, the record of uncertificated public sector securities shall be kept in the office of the Chief Registrar of the Bank of England.

    (3) The participating issuer shall, unless it is impracticable to do so by virtue of circumstances beyond his control, ensure that the record of uncertificated public sector securities is regularly reconciled with the Operator register of public sector securities.

    (4) Provided that he has complied with subparagraph (3), a participating issuer shall not be liable in respect of any act or thing done or omitted to be done by him or on his behalf in reliance upon the assumption that the particulars entered in any record of uncertificated public sector securities which he is required to keep by these Regulations accord with the particulars entered in the Operator register of public sector securities to which the record relates.

    (5) The provisions of the Bankers' Books Evidence Act 1879[26] shall apply for the purpose of proving any entry in the record of uncertificated public sector securities as if the participating issuer were a bank and a banker within the meaning of that Act, and as if such entry in the record, or, where the information recorded therein is not in readable form and is later transcribed into readable form, the transcribed version of such entry, were an entry in a banker's book.

Registers of corporate securities

     14.  - (1) Where an Operator of a relevant system is required to maintain an Operator register of corporate securities, that register shall comprise the following particulars which the Operator shall enter on it, namely - 

    (a) the names and addresses of the persons holding units of the relevant participating security in uncertificated form; and

    (b) how many units of that security each such person holds in that form.

    (2) Sections 190 and 191 of the 1985 Act shall not apply to any part of an Operator register of corporate securities.

Records of uncertificated corporate securities

     15.  - (1) A participating issuer shall enter in a record of uncertificated corporate securities the same particulars, so far as practicable, as are required by paragraph 14(1) to be entered in the relevant Operator register of corporate securities.

    (2) A participating issuer to which this paragraph applies shall, unless it is impracticable to do so by virtue of circumstances beyond its control, ensure that the record of uncertificated corporate securities is regularly reconciled with the Operator register of corporate securities.

    (3) Provided that it has complied with subparagraph (2), a participating issuer shall not be liable in respect of any act or thing done or omitted to be done by it or on its behalf in reliance upon the assumption that the particulars entered in any record of uncertificated corporate securities which the participating issuer is required to keep by these Regulations accord with the particulars entered in any Operator register of corporate securities relating to it.

    (4) In the case of a participating issuer which is a company, the record of uncertificated corporate securities shall be kept at the same place as the part of any register of debenture holders maintained by the company would be required to be kept.

    (5) Section 191(1), (2), (4) and (5) of the 1985 Act shall apply in relation to a record of uncertificated corporate securities maintained by a participating issuer which is a company, so far as that record relates to debentures, as it applies or would apply to any register of debenture holders maintained by the company; and references to the 1985 Act in the Companies (Inspection and Copying of Registers, Indices and Documents) Regulations 1991 shall be construed accordingly.

    (6) Any provision of an enactment or instrument which requires a register of persons holding securities (other than shares or public sector securities) to be open to inspection shall also apply to the record of uncertificated corporate securities relating to any units of those securities which are participating securities.

Miscellaneous

     16.  - (1) Every register which an Operator is required to maintain by virtue of these Regulations shall be kept in the United Kingdom.

    (2) Provided that it is kept in the United Kingdom, any such register which relates to securities issued by a company shall be deemed to be kept - 

    (a) in the case of a company registered in England and Wales, in England and Wales; or

    (b) in the case of a company registered in Scotland, in Scotland.

     17.  - (1) An entry in a register of securities or in a record of securities relating to a person who no longer holds the securities which are the subject of the entry may be removed from the register or the record (as the case may be) after the expiration of 20 years beginning with the day on which the person ceased to hold any of those securities.

    (2) Subparagraph (1) does not apply in respect of an entry in a register of members.

     18. Sections 722 and 723(1) and (2) of the 1985 Act shall apply - 

    (a) to any register, record or index required to be kept by any person in accordance with these Regulations as they apply to any register, record or index required by the Companies Acts to be kept by a company; and

    (b) to an Operator and its officers as they apply to a company and its officers.

     19.  - (1) Such sanctions as apply to a company and its officers in the event of a default in complying with section 352 of the 1985 Act shall apply to an Operator and his officers in the event of a default in complying with paragraph 4, 12 or 14.

    (2) Such sanctions as apply to the registrar, within the meaning of the 1974 Regulations, in the event of a default in complying with regulation 5 of those Regulations shall apply to a participating issuer and his officers in the event of a default in complying with paragraph 13 in respect of a local authority security.

    (3) Such sanctions as apply in the event of a default in complying with the requirement to maintain a register imposed by the relevant enactment or instrument referred to in regulation 22(1) shall apply to - 

    (a) a participating issuer other than a company; and

    (b) a participating issuer which is a company, in relation to so much of the record of uncertificated corporate securities as does not relate to debentures,

and his officers in the event of a default in complying with paragraph 15.

    (4) Subparagraphs (2) and (3) shall not apply to any of the following or its officers - 

    (a) the Crown;

    (b) any person acting on behalf of the Crown;

    (c) the Bank of England; or

    (d) in respect of a security which immediately before it became a participating security was transferable by exempt transfer within the meaning of the Stock Transfer Act 1982, a participating issuer.

     20. An officer of a participating issuer shall be in default in complying with, or in contravention of paragraph 2, 5, 6, 7, 13 or 15, or section 722(2) of the 1985 Act as applied by paragraph 18, if, and only if, he knowingly and wilfully authorised or permitted the default or contravention.

     21. An officer of an Operator shall be in default in complying with, or in contravention of, the provisions referred to in paragraph 19(1) of this Schedule, or of section 722(2) of the 1985 Act as applied by paragraph 18, if, and only if, he knowingly and wilfully authorised or permitted the default or contravention.



SCHEDULE 5
Regulation 49(5)


ADAPTATIONS IN RESPECT OF NORTHERN IRELAND


Column 1 Column 2 Column 3
References to the 1985 Act Provisions of these Regulations Reference to the 1986 Order[27]
Section 182 Paragraph 7 of Schedule 7 Article 192
Section 183 Regulations 27(8) and (9), 28(8) and (9), 32(9), 33(11), 38(7) and 42(12)

Paragraph 8 of Schedule 7

 Article 193
Section 185 Regulations 32(8) and (10) and 42(5) and (6) Article 195
Section 186 Regulation 38(3) Article 196
Section 188 Regulation 18 Article 198
Section 190 Paragraph 14 of Schedule 4 Article 199
Section 191 Paragraphs 14 and 15 of Schedule 4 Article 200
Section 192 Regulation 40(2) Article 201
Section 209 Paragraph 9 of Schedule 7 Article 217
Section 238 Regulation 41(3) Article 246
Section 352 Regulations 20(7), 21(4) and 22(4)

Paragraphs 2, 5 and 19 of Schedule 4

 Article 360
Section 352A Paragraph 3 of Schedule 4 Article 360A
Section 353 Paragraph 6 of Schedule 4 Article 361
Section 354 Paragraph 7 of Schedule 4 Article 362
Section 355 Paragraph 8 of Schedule 4 Article 363
Section 356 Paragraphs 9 and 10 of Schedule 4 Article 364
Section 357 Paragraph 6 of Schedule 4 Article 365
Section 358 Regulation 26 Article 366
Section 359 Paragraph 11 of Schedule 4 Article 367
Section 360 Regulation 40(3) Article 368
Section 361 Regulation 24(4) Article 369
Section 370 Regulation 41(3) Article 378
Section 376 Regulation 16(7) Article 384
Section 380 Paragraph 10 of Schedule 7 Article 388
Section 428 Regulation 42(13) Article 421
Section 429 Regulation 42(1), (2), (7), (8) and (13) Article 422
Section 430 Regulation 42(1), (2), (5), (7), (8), (13) and (14) Article 423
Section 430D Regulation 42(13) and (14) Article 423D
Section 722 Paragraphs 18, 20 and 21 of Schedule 4 Article 671
Section 723 Paragraph 18 of Schedule 4 Article 672
Section 735 Regulation 3(1) Article 3
Section 744 Regulation 3(1) Article 2
Paragraph 25 of Schedule 13 Paragraph 9 of Schedule 4 Paragraph 24 of Schedule 13



SCHEDULE 6
Regulation 50


TRANSITORY PROVISIONS


     1. Prior to the day on which section 19 of the 2000 Act comes into force, each provision of these Regulations specified in this Schedule shall have effect modified as provided in this Schedule.

     2. The definition of "securities" in regulation 3(1) shall be modified by the substitution of the words "the 1986 Act" for the words "section 235 of the 2000 Act".

     3. Regulation 5 shall be modified by the substitution for paragraph (4) of - 

        " (4) Where the Treasury refuse an application for approval they shall give the applicant a written notice to that effect stating the reasons for the refusal.".

     4. Regulation 7 shall be modified by - 

    (a) the insertion in paragraph (2) of the words "subject to paragraph (3)" after the words "they may"; and

    (b) the substitution for paragraphs (3) to (6) of - 

        " (3) Subsections (2) to (7) and (9) of section 11 of the 1986 Act shall apply in relation to the withdrawal by the Treasury of approval from an Operator under paragraph (2) as they apply in relation to the revocation by the Secretary of State of a recognition order under subsection (1) of that section; and in those subsections as they so apply - 

      (a) any reference to a recognised organisation shall be taken to be a reference to an Operator;

      (b) any reference to members of a recognised organisation shall be taken to be a reference to system-users;

      (c) any reference to the Secretary of State shall be taken to be a reference to the Treasury;

      (d) any reference to an order other than a recognition order shall be taken to be a reference to a written instrument; and

      (e) the reference in subsection (6) to the interests of investors shall be taken to be a reference to the interests of system-users."

     5. Regulation 8 shall be modified by - 

    (a) the substitution for paragraph (4) of - 

        " (4) Before giving a direction under paragraph (2)(b) the Treasury shall - 

      (a) if the circumstances permit, consult the Operator and afford him an opportunity to make representations; and

      (b) so far as is practicable to estimate it, have regard to the cost to the Operator of complying with any term of any direction and to the costs to other persons resulting from the Operator's compliance."; and

    (b) the omission of paragraphs (5) and (7).

     6. In regulation 9 - 

    (a) paragraph (7) shall be modified by the substitution of the words "Subsections (6) and (7) of section 61 of the 1986 Act" for the words "Subsections (3) to (5) and (8) of section 382 of the 2000 Act";

    (b) paragraphs (10) to (12) shall be modified by the substitution of the words "investment business within the meaning of the 1986 Act" for the words from "business of any of the following kinds" in paragraph (10) to the end of paragraph (12).

     7. Regulation 11(1) shall be modified to read - 

        " (1) If it appears to the Treasury that there is a body corporate - 

      (a) to which functions have been transferred under section 114 of the 1986 Act; and

      (b) which is able and willing to discharge all or any of the functions conferred by this Part of these Regulations,

    they may, subject to paragraphs (2) and (5), by instrument in writing delegate all or any of those functions to that body; and a body to which functions are so delegated is referred to in these Regulations as a "designated agency".".

     8. In paragraph 5(7) of Schedule 1 - 

    (a) paragraph (a) of the definition of "clearing house" shall be modified by the substitution of the words "for the purposes of the 1986 Act" for the words "within section 285(1)(b) of the 2000 Act"; and

    (b) paragraph (a) of the definition of "exchange" shall be modified by the substitution of the words "for the purposes of the 1986 Act" for the words "within section 285(1)(a) of the 2000 Act".

     9. Schedule 2 shall be modified by - 

    (a) the substitution for subparagraph (5) in paragraph 1 of - 

        " (5) Subsections (2) to (5), (7) and (9) of section 11 of the 1986 Act shall apply in relation to the withdrawal of approval under subparagraph (3) as they apply in relation to the revocation by the Secretary of State of a recognition order under subsection (1) of that section; and in those subsections as they so apply - 

      (a) any reference to a recognised organisation shall be taken to be a reference to an Operator;

      (b) any reference to members of a recognised organisation shall be taken to be a reference to system-users;

      (c) any reference to the Secretary of State shall be taken to be a reference to the Treasury; and

      (d) any reference to an order other than a recognition order shall be taken to be a reference to a written instrument.";

    (b) the omission from paragraph 2 of subparagraph (5); and

    (c) the insertion after paragraph 7 of a new paragraph reading - 

         " 8.  - (1) Before the Treasury exercise a power under paragraph 1(3)(b) or (c), or their power to refuse leave under paragraph 2(2), or their power to give a direction under paragraph 2(4), in respect of an Operator, they shall - 

      (a) give written notice of their intention to do so to the Operator and take such steps (whether by publication or otherwise) as they think appropriate for bringing the notice to the attention of any other person who in their opinion is likely to be affected by the exercise of the power; and

      (b) have regard to any representation made within such time as they consider reasonable by the Operator or by any such other person.

        (2) A notice under subparagraph (1) shall give particulars of the manner in which the Treasury propose to exercise the power in question and state the reasons for which they propose to act; and the statement of reasons may include matters contained in any report received by them under paragraph 3.".



SCHEDULE 7
Regulation 51


MINOR AND CONSEQUENTIAL AMENDMENTS




Part 1

Primary Legislation

The National Debt Act 1870

     1. In section 3 of the National Debt Act 1870[28], for the definition of "Stockholder" there shall be substituted - 

      " "Stockholder" means a person holding stock, being entered as such in - 

      (a) a register kept by the Bank of England or the Bank of Ireland under regulation 1 of the Government Stock Regulations 1965; or

      (b) a register kept by the Operator of a relevant system under the Uncertificated Securities Regulations 2001 (and "Operator" and "relevant system" shall have the same meanings as they have in those Regulations):".

    The National Debt (Stockholders Relief) Act 1892

     2. In subsection (1) of section 2 of the National Debt (Stockholders Relief) Act 1892[29], for the word "inscribed" there shall be substituted "entered in a relevant register".

The Finance (No. 2) Act 1915

     3. In section 48 of the Finance (No. 2) Act 1915[30] - 

    (a) after "Director of Savings," there shall be inserted "to the Operator of any relevant system"; and

    (b) after "by that person" there shall be inserted "; and in this section "Operator" and "relevant system" have the same meanings as they have in the Uncertificated Securities Regulations 2001".

    The Finance Act 1916

     4. In section 67 of the Finance Act 1916[31] - 

    (a) after "Director of Savings," there shall be inserted "the Operator of any relevant system"; and

    (b) at the end of that section there shall be added "; and in this section "Operator" and "relevant system" have the same meanings as they have in the Uncertificated Securities Regulations 2001".

    The Finance Act 1949

     5. In section 48 of the Finance Act 1949[32] - 

    (a) in subsection (1), after "Bank of England" where it first appears there shall be inserted "or the Operator of any relevant system";

    (b) in the proviso to subsection (1) - 

      (i) for "the Bank of England shall not" there shall be substituted "neither the Bank of England nor any such Operator shall"; and

      (ii) for "to the Bank" there shall be substituted "to the Bank, or to that Operator as the case may be,";

    (c) in subsection (2), after "Bank of England" there shall be inserted "or the Operator, as the case may be,"; and

    (d) after subsection (4) the following subsection shall be added - 

        " (5) In this section, "Operator" and "relevant system" have the same meanings as they have in the Uncertificated Securities Regulations 2001.".

The Finance (No. 2) Act 1975

     6. In section 73 of the Finance (No. 2) Act 1975[33] - 

    (a) in subsection (4), after "means" in the definition of "the Bank" there shall be inserted "(subject to subsection (4A))"; and

    (b) after subsection (4) the following subsection shall be added - 

        " (4A) In the case of units of stock which are recorded on a register kept by the Operator of a relevant system - 

      (a) the reference to the Bank in subsection (1) so far as it relates to paragraph (c) of that subsection; and

      (b) the references to the Bank in subsections (2) and (3) so far as they apply for the purposes of that paragraph,

    shall be taken to be references to that Operator; and in this subsection "Operator" and "relevant system" have the same meanings as in the Uncertificated Securities Regulations 2001.".

The Companies Act 1985

     7. In subsection (1)(b) of section 182 of the 1985 Act, after "simplified process)" there shall be inserted "and to regulations made under section 207 of the Companies Act 1989 (which enable title to securities to be evidenced and transferred without a written instrument).".

     8. In subsection (1) of section 183 of that Act, after "Stock Transfer Act 1982" there shall be inserted "or is in accordance with regulations made under section 207 of the Companies Act 1989.".

     9. In section 209(9B)(b) of the 1985 Act, for "Uncertificated Securities Regulations 1995" there shall be substituted "Uncertificated Securities Regulations 2001".

     10. In subsection (4) of section 380 of the 1985 Act, after paragraph (k) the following paragraphs shall be added - 

      " (l) a resolution of the directors passed by virtue of regulation 16(2) of the Uncertificated Securities Regulations 2001 (which allows title to a company's shares to be evidenced and transferred without written instrument); and

      (m) a resolution of a company passed by virtue of regulation 16(6) of the Uncertificated Securities Regulations 2001 (which prevents or reverses a resolution of the directors under regulation 16(2) of those Regulations).".

    The Financial Services Act 1986

     11. In subsection (1) of section 180 of the 1986 Act, after paragraph (n) the following paragraph shall be added - 

      " (nn) to an Operator approved under the Uncertificated Securities Regulations 2001 if the information is necessary to ensure the proper functioning of a relevant system within the meaning of those Regulations in relation to defaults and potential defaults by market-participants;".

     12. In the 1986 Act, in - 

    (a) paragraph 16A(a) of Schedule 1;

    (b) Note (3) to that paragraph; and

    (c) subparagraph (5B)(a) of paragraph 18 of Schedule 1,

for "Uncertificated Securities Regulations 1995" in each place where it occurs there shall be substituted "Uncertificated Securities Regulations 2001".

The Banking Act 1987

     13. In the Banking Act 1987[34], in - 

    (a) paragraph 11B in the first column of the Table in section 84(1);

    (b) section 84(11)(e),

for "Uncertificated Securities Regulations 1995" there shall be substituted "Uncertificated Securities Regulations 2001".



Part 2

Subordinate Legislation

The Government Stock Regulations 1965

     14. In the 1965 Regulations - 

        " (5) Units of stock which are recorded on a register kept by the Operator of a relevant system under the 2001 Regulations shall be transferable in no other manner than by means of that system in accordance with those Regulations.

        (6) A strip shall be transferable in no other manner than by means of a relevant system operated by an Operator in accordance with the 2001 Regulations.";

    (e) in regulation 5, for "Subject (in the case of stock which is a participating security) to any provision made by or under the 1995 Regulations, the" there shall be substituted "The";

    (f) in regulation 10 - 

      (i) for "Subject (in the case of stock which is a participating security) to any provision made by or under the 1995 Regulations, the" there shall be substituted "The"; and

      (ii) there shall be omitted the words from "or, in the case of an exempt transfer" to the end;

    (g) in regulation 14(6), 15(4) and 16(4) - 

      (i) there shall be omitted the words "to Regulation 4B and"; and

      (ii) for "the 1995 Regulations" there shall be substituted "the 2001 Regulations";

    (h) in regulation 23(1), for ""the 1995 Regulations" means the Uncertificated Securities Regulations 1995 as amended from time to time;" there shall be substituted ""the 2001 Regulations" means the Uncertificated Securities Regulations 2001 as amended from time to time;";

    (i) in regulation 23(1), the definitions of "the CGO Service"; "CGO Service member"; and "an exempt transfer" shall be omitted; and

    (j) in regulation 23(1A), for "the 1995 Regulations" there shall be substituted "the 2001 Regulations".

    The Local Authority (Stocks and Bonds) Regulations 1974

     15. In the 1974 Regulations - 

    (a) in regulation 1(3) - 

      (i) for ""the 1995 Regulations" means the Uncertificated Securities Regulations 1995 as amended from time to time;" there shall be substituted ""the 2001 Regulations" means the Uncertificated Securities Regulations 2001 as amended from time to time;"; and

      (ii) the definitions of "the CGO Service"; "CGO Service member"; "the CGO Service Regulations"; and "exempt transfer" shall be omitted;

    (b) in regulation 6(1), for "Subject to regulation 6A below the" there shall be substituted "The";

    (c) in regulation 7 - 

      (i) in paragraph (1)(a), for "paragraph (5)" there shall be substituted "paragraph (1A)";

      (ii) after paragraph (1) there shall be inserted as a new paragraph - 

        " (1A) Units of stock, or of bonds, which are recorded on a register kept by the Operator of a relevant system under the 2001 Regulations shall be transferable in no other manner than by means of that system in accordance with those Regulations."; and

      (iii) in paragraph (3), there shall be omitted "and any record of a transfer effected through the medium of the CGO Service," and "or, as the case may be, the exempt transfer"; and

    (d) in regulation 13(2) - 

      (i) for "Subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations, the" there shall be substituted "The"; and

      (ii) there shall be omitted the words from "or, in the case of an exempt transfer" to the end.

      The Exchange of Securities (General) Rules 1979

     16. In the Exchange of Securities (General) Rules 1979[36] - 

    (a) in rule 3, the definitions of "the CGO Service"; "CGO Service member"; and "an exempt transfer" shall be omitted; and

    (b) in rule 6 - 

      (i) 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

      (ii) 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.".

The Companies (Registers and other Records) Regulations 1985

     17. In the Companies (Registers and other Records) Regulations 1985[37] - 

    (a) in regulation 1 - 

      (i) in paragraph (2), at the end of the definition of "register" there shall be inserted "or regulation 20 of the 2001 Regulations"; and

      (ii) at the end of paragraph (2) there shall be inserted - 

      " "the 2001 Regulations" means the Uncertificated Securities Regulations 2001; and expressions defined in the 2001 Regulations shall have the same meaning in these Regulations.";

    (b) at the end of regulation 2 there shall be inserted as new paragraphs - 

        " (5) This regulation applies with respect to an issuer of register members and a record of uncertificated shares which is kept by a company by recording the matters in question otherwise than in legible form - 

      (a) as it applies to a register of members under the Act which is kept in like fashion; and

      (b) as if references to the Act were references to the 2001 Regulations.

        (6) This Regulation applies with respect to an index kept by virtue of paragraph 7 of Schedule 4 to the 2001 Regulations which is kept by a company by recording the matters in question otherwise than in legible form - 

      (a) as it applies to an index of a register of members under the Act which is kept in like fashion; and

      (b) as if references to the Act were references to the 2001 Regulations.";

    (c) at the end of regulation 3 there shall be inserted as a new paragraph - 

        " (6) In the case of a company which is a participating issuer, references in this regulation to the register of members shall be taken to be a reference to the company's issuer register of members and record of uncertificated shares."; and

    (d) in regulation 6 - 

      (i) in paragraph (1), after "the Act" there shall be inserted "or the 2001 Regulations"; and

      (ii) after paragraph (2) there shall be inserted as a new paragraph - 

        " (2A) In the case of a company which is a participating issuer, paragraph (2) shall apply as if - 

      (a) references to the register of members were references to the company's issuer register of members and record of uncertificated shares; and

      (b) the reference to the index of the register of members were a reference to an index kept by virtue of paragraph 7 of Schedule 4 to the 2001 Regulations.".

    The Stamp Duty Reserve Tax Regulations 1986

     18. In the Stamp Duty Reserve Tax Regulations 1986[38], in the definition of "the Treasury Regulations" in regulation 2, for "Uncertificated Securities Regulations 1995" there shall be substituted "Uncertificated Securities Regulations 2001".

The Companies (Registers and other Records) Regulations (Northern Ireland) 1986

     19. In the Companies (Registers and other Records) Regulations (Northern Ireland) 1986 [39] - 

    (a) in regulation 1 - 

      (i) at the end of the definition of "register" in paragraph (2) there shall be inserted "or regulation 20 of the 2001 Regulations"; and

      (ii) at the end of paragraph (2) there shall be inserted - 

      " "the 2001 Regulations" means the Uncertificated Securities Regulations 2001; and expressions defined in the 2001 Regulations shall have the same meaning in these Regulations.";

    (b) at the end of regulation 3 there shall be inserted as new paragraphs - 

        " (5) This Regulation applies with respect to an issuer register of members and a record of uncertificated shares which is kept by a company by recording the matters in question otherwise than in legible form - 

      (a) as it applies to a register of members under the Order which is kept in like fashion; and

      (b) as if references to the Order were references to the 2001 Regulations.

        (6) This Regulation applies with respect to an index kept by virtue of paragraph 7 of Schedule 4 to the 2001 Regulations which is kept by a company by recording the matters in question otherwise than in legible form - 

      (a) as it applies to an index of a register of members under the Order which is kept in like fashion; and

      (b) as if references to the Order were references to the 2001 Regulations.";

    (c) at the end of regulation 4 there shall be inserted as a new paragraph - 

        " (6) In the case of a company which is a participating issuer, references in this regulation to the register of members shall be taken to be a reference to the company's issuer register of members and record of uncertificated shares.";

    (d) in regulation 7 - 

      (i) in paragraph (1), after "the Order" there shall be inserted "or the 2001 Regulations"; and

      (ii) after paragraph (2) there shall be inserted as a new paragraph - 

        " (2A) In the case of a company which is a participating issuer, paragraph (2) shall apply as if - 

      (a) references to the register of members were references to the company's issuer register of members and record of uncertificated shares; and

      (b) the reference to the index of the register of members were a reference to an index kept by virtue of paragraph 7 of Schedule 4 to the 2001 Regulations.".

    The Financial Markets and Insolvency Regulations 1996

     20. In the Financial Markets and Insolvency Regulations 1996[40] - 

    (a) in regulation 2(1) - 

      (i) in the definition of "register of securities", for "a register maintained by the issuer, whether by virtue of the 1995 Regulations or otherwise" there shall be substituted "a register, whether maintained by virtue of the Uncertificated Securities Regulations 2001 or otherwise";

      (ii) the definition of "the 1995 Regulations" shall be omitted;

      (iii) in the definition of "relevant nominee", for "paragraph 19(d) of Schedule 1 to the 1995 Regulations" there shall be substituted "paragraph 25(f) of Schedule 1 to the Uncertificated Securities Regulations 2001";

      (iv) in the definition of "transfer", for "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;" there shall be substituted "the registration of a transfer of title to those units in the relevant Operator register of securities;"; and

      (v) in the full-out to regulation 2(1), for "the 1995 Regulations" there shall be substituted "the Uncertificated Securities Regulations 2001";

    (b) in regulation 2(2)(a), for "regulation 19 of the 1995 Regulations" there shall be substituted "regulation 20, 21 or 22 of the Uncertificated Securities Regulations 2001"; and

    (c) in regulation 5(a)(ii), for "regulation 25(1)(a) or 25(2)(a) of the 1995 Regulations" there shall be substituted "regulation 31(2)(b) or 31(4)(b) of the Uncertificated Securities Regulations 2001".

    The Stock Transfer (Addition and Substitution of Forms) Order 1996

     21. In the Stock Transfer (Addition and Substitution of Forms) Order 1996[41], in paragraph (2) of article 1, for "Uncertificated Securities Regulations 1995" there shall be substituted "Uncertificated Securities Regulations 2001".

The Financial Services Act 1986 (Exemption) Order 1996

     22. In the Financial Services Act 1986 (Exemption) Order 1996[42], in paragraph (3) of article 1, for "Uncertificated Securities Regulations 1995" in both places where it occurs there shall be substituted "Uncertificated Securities Regulations 2001".

The Stamp Duty Reserve Tax (UK Depository Interests in Foreign Securities) Regulations 1999

     23. In the Stamp Duty Reserve Tax (UK Depository Interests in Foreign Securities) Regulations 1999[43], in the definition of "foreign securities" in regulation 2, for "Uncertificated Securities Regulations 1995" there shall be substituted "Uncertificated Securities Regulations 2001".

The Open-Ended Investment Companies Regulations 2001

     24. In the Open-Ended Investment Companies Regulations 2001 - 

    (a) in regulation 2(1), the definitions of "certificated form", "participating issuer", "participating security", "uncertificated form" and "uncertificated unit of a security" shall be omitted;

    (b) for regulation 50(2) there shall be substituted - 

        " (2) Paragraph (1) has effect subject to any requirements contained in FSA rules."; and

    (c) in paragraph 2(1) of Schedule 3, the words "Subject to sub-paragraph (2)" shall be omitted.


EXPLANATORY NOTE

(This note is not part of the Regulations)


     1. These Regulations make provision for the transfer without a written instrument, and the evidencing otherwise than by a certificate, of title to a unit of a security, in accordance with a computer-based system and procedures known as the "relevant system". The relevant system centres on a person known as the "Operator". The legal framework underlying the operation of the relevant system, together with the criteria which the Operator and the relevant system must meet, are enshrined in these Regulations.

     2. Regulations 2 and 3 set out the purposes of and definitions used in the Regulations. A unit of a security which may be transferred by means of the relevant system is referred to as an "uncertificated" unit. A security, the units of which may become uncertificated, is referred to as a "participating security". An issuer who issues a participating security is, in relation to that security, referred to as a "participating issuer". Instructions sent by means of the relevant system are referred to as "dematerialised instructions".

     3. Regulations 4 to 13 make provision for the approval of the Operator by the Treasury if it appears to them that he, his rules and any relevant system meet certain criteria specified in Schedule 1. The Regulations give the Treasury certain powers in relation to the Operator if he, his rules or the relevant system, fails to meet the criteria, or if necessary for the performance of their functions under the Regulations. Provision is also made for the delegation by the Treasury of their functions under the Regulations to the Financial Services Authority, which is referred to in the Regulations as the "designated agency" when carrying out functions which have been so delegated. Schedule 2 provides for oversight by the Director General of Fair Trading of the rules and guidance of the Operator to ensure that they do not distort competition. Schedule 3 sets out the procedure to be followed before refusing or withdrawing approval as an Operator, giving a direction to an Operator, or exercising certain powers under Schedule 2.

     4. Regulations 14 to 19 set out the conditions on which issuers may allow securities issued by them to become participating securities and hence to be held in uncertificated form and transferred by means of the relevant system. Provision is made for a class of shares governed by articles of association which are in all respects consistent with the Regulations to become a participating security. Provision is also made for the directors of a company to pass a "directors' resolution" so that other classes of shares can become participating securities notwithstanding any contrary provisions in the articles of association, and for the members of the company to prevent or reverse a directors' resolution. Conditions are specified for securities other than shares to become participating securities. Transitional provision is made in respect of securities which were participating securities for the purposes of the Uncertificated Securities Regulations 1995. The 1995 Regulations are superseded by these Regulations.

     5. Regulations 20 to 26 (together with Schedule 4) make provision for the keeping of "registers of securities" and "records of securities" in respect of participating securities. In particular, provision is made for the keeping by the Operator of registers recording persons holding uncertificated units of a participating security, and for the legal effect of entries on the registers which the Regulations require to be kept. Provision is also made in respect to the rectification or closing of such registers.

     6. Regulations 27 to 30 make provision for the registration of transfers of title to units of a participating security. Provision is made for registration by the Operator of a transfer of title to an uncertificated unit of a security in certain circumstances (in particular, upon settlement of the transfer in accordance with the Operator's rules). Provision is also made for a participating issuer, subject to a number of exceptions, to register the transfer of title to a relevant unit of a security following an Operator-instruction to do so. Further provision is made to allow the Operator to register two or more transfers of uncertificated units of a security on a net basis, or simultaneously, in certain circumstances.

     7. Regulation 31 applies in a case in which, as a consequence of a transfer of a unit of a participating security, that unit ceases to be held in uncertificated form, so that the transfer of title to the unit is therefore required to be registered on a register of securities kept by the participating issuer. Provision is made for the transferee to acquire a property right in such units of a security before his name appears on the register of securities kept by the participating issuer. Other than in the case of Scottish securities, the transferee acquires an equitable interest in a number of units calculated in accordance with the regulation. In relation to Scottish securities, the transferor is deemed to hold on trust for the transferee a number of units which is calculated in the same way.

     8. Regulations 32 to 34 make provision for the conversion of units of a participating security between certificated and uncertificated form, and for the issue of new units of a participating security in uncertificated form.

     9. Regulation 35 prevents persons who send certain dematerialised instructions, and persons on whose behalf they are sent, from denying particular matters relating to the instructions. It also makes provision for persons receiving such instructions to accept, with certain exceptions, that the information contained in them and matters relating to them are correct.

     10. Regulation 36 provides that the Operator is liable, in certain circumstances, if a person suffers loss as a result of the sending of certain dematerialised instructions, or the making of certain amendments to a register of securities kept by the Operator.

     11. Regulations 37 and 38 amend certain references in enactments and rules of law, and disapply certain formalities and requirements.

     12. Regulation 39 preserves the Operator's right to charge for carrying out functions under these Regulations, other than charging a participating issuer for maintaining an Operator register of securities.

     13. Regulation 40 makes provision for trustees and personal representatives to use a relevant system and for debentures to be held in uncertificated form and transferred by means of a relevant system.

     14. Regulation 41 makes provision for giving notices of meetings and for sending copies of certain documents.

     15. Regulations 42 and 43 make provision relating to take-overs of companies with shares held in uncertificated form.

     16. Regulation 44 makes provision as to the determination of actual notice of a fact, matter or thing for the purposes of the Regulations.

     17. Regulation 45 provides that certain obligations to which the Regulations would otherwise give rise do not arise in the case of a wholly dematerialised security as defined in regulation 3(1).

     18. Regulations 46 to 48 makes provision as to liability for defaults and contraventions. Provision is made for participating issuers to be liable for breach of statutory duty for contravening certain regulations, and for the liability of officers of participating issuers and the Operator in respect of certain contraventions. Provision is also made for certain exemptions from liability.

     19. Regulation 49 and Schedule 5 adapt the Regulations as they apply to Northern Ireland.

     20. Regulation 50 gives effect to Schedule 6, which sets out the modified form in which certain provisions of the Regulations will take effect before the main provisions of the Financial Services and Markets Act 2000 come into force.

     21. Regulation 51 gives effect to Schedule 7 which makes minor and consequential amendments to certain enactments.

     22. Regulation 52 revokes certain enactments, including the Uncertificated Securities Regulations 1995.

Notes:

 [1] 1989 c. 40; section 207 was amended by the Bank of England Act 1998 (c. 11), section 35.back

[2] By the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315).back

[3] 1985 c. 6.back

[4] 1986 c. 60.back

[5] 2000 c. 8.back

[6] S.I. 1986/1032 (N.I. 6).back

[7] S.I. 1965/1420; amended by S.I. 1981/1004; S.I. 1982/670; S.I. 1985/1146; S.I. 1990/2253; S.I. 1997/1709; S.I. 1998/1749; S.I. 1999/1410 and S.I. 2000/1681.back

[8] S.I. 1974/519; amended by S.I. 1983/529; S.I. 1985/1148; S.I. 1986/345; S.I. 1990/419; S.I. 1991/2000; S.I. 1999/1409 and S.I. 2000/1680.back

[9] S.I. 1995/3272; amended by S.I. 1996/2827; S.I. 1997/251; S.I. 1999/506; S.I. 2000/311; S.I. 2000/1682 and S.I. 2000/2952.back

[10] 1978 c. 30.back

[11] 1993 c. 36.back

[12] 1942 c. 21; section 47(1B) was inserted by the Finance Act 1996 (c. 8), section 202(2).back

[13] 1988 c. 36.back

[14] 1971 c. 27.back

[15] 1982 c. 41.back

[16] 1695 c. 12 (Ir).back

[17] 1978 c. 23.back

[18] 1971 c. 33 (N.I.).back

[19] S.R. (N.I.) 1993 No. 66.back

[20] S.I. 2001/1228.back

[21] S.I. 1996/1469.back

[22] Directive of the European Parliament and of the Council of 20th March 2000 relating to the taking up and pursuit of the business of credit institutions (O.J. No. L 126, 26.5.2000, p. 1).back

[23] 1973 c. 41.back

[24] 1998 c. 41.back

[25] S.I. 1991/1998.back

[26] 42 & 43 Vict c. 11.back

[27] Article 198 was substituted by Article 65(6) of, and paragraph 6 of Schedule 4 to, the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10)). Article 217 was substituted by regulation 8 of the Disclosure of Interests in Shares (Amendment) Regulations (Northern Ireland) 1994 (S.R. (N.I.) 1994 No. 2) and further amended by regulation 2 of the Disclosure of Interests in Shares (Amendment) Regulations (Northern Ireland) 1996 (S.R. (N.I.) 1996 No. 246) and regulation 75 of, and paragraph 5 of Part I of Schedule 8 to, the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997 (S.R. (N.I.) 1997 No. 251). Article 246 was inserted by article 9 of the Companies (Northern Ireland) Order 1990 (S.I. 1990/593 (N.I. 5)). Article 360A was inserted by regulation 2(1)(b) of, and paragraph 4 of the Schedule to, the Companies (Single Member Private Companies) Regulations (Northern Ireland) 1992 (S.R. (N.I.) 1992 No. 405). Articles 421, 422 and 423 were substituted by Article 26 of the Companies (Northern Ireland) Order 1989 (S.I. 1989/204 (N.I. 18)). Article 423D was inserted by Article 26 of the Companies (Northern Ireland) Order 1989 (S.I. 1989/204 (N.I. 18)). Paragraph 24 of Schedule 13 was amended by articles 77(10) and 113 of, and Schedule 6 to, the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10)).back

[28] 1870 c. 71.back

[29] 1892 c. 39; section 2 was substituted by section 108(1) of the Finance Act 1997 (c. 16).back

[30] 1915 c. 89; the relevant amendment to section 48 was made by section 108(1) of the Post Office Act 1969 (c. 48).back

[31] 1916 c. 24; section 67 was amended by section 108(1) of the Post Office Act 1969.back

[32] 1949 c. 47.back

[33] 1975 c. 45.back

[34] 1987 c. 22; relevant amending instrument is S.I. 1996/1669.back

[35] Paragraph (1) of regulation 4 was numbered as such by article 2 of S.I. 1981/1004 and amended by regulation 4 of S.I. 1985/1146 and regulation 2 of S.I. 2000/1681; paragraphs (2) to (4) of regulation 4 were inserted by article 2 of S.I. 1981/1004, regulation 4 of S.I. 1985/1146 and regulation 4 of S.I. 1997/1709 respectively.back

[36] S.I. 1979/1678; relevant amending instruments are S.I. 1985/1147; S.I. 1998/2505; S.I. 1999/1207 and S.I. 2000/1516.back

[37] S.I. 1985/724.back

[38] S.I. 1986/1711; relevant amending instrument is S.I. 1997/2430.back

[39] S.R. (N.I.) 1986 No. 306.back

[40] S.I. 1996/1469.back

[41] S.I. 1996/1571.back

[42] S.I. 1996/1587.back

[43] S.I. 1999/2383.back


ISBN 0 11 038916 6


 

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