The Uncertificated Securities Regulations 2001

The Government Stock Regulations 1965

14.  In the 1965 Regulations—

(a)in regulation 1(3), for “Subject (in the case of stock which is a participating security) to any provision made by or under the 1995 Regulations, in” there shall be substituted “In”;

(b)in regulation 2(1), for “Subject to Regulation 5 of the Stock Transfer (Gilt-edged Securities) (CGO Service) Regulations 1985 and (in the case of stock which is a participating security) any provision made by or under the 1995 Regulations, every” there shall be substituted “Every”;

(c)in regulation 3B(2), for “the register” there shall be substituted—

“(a)a register kept under regulation 1(1) or (1A) hereof; or

(b)a register kept by the Operator of a relevant system under the 2001 Regulations,”;

(d)in regulation 4(1)—

(i)the words “and Regulation 4B” shall be omitted from paragraph (1);

(ii)after paragraph (4) there shall be inserted—

“(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”.