The activities
Sending dematerialised instructions
45.—(1) Sending, on behalf of another person, dematerialised instructions relating to a security is a specified kind of activity, where those instructions are sent by means of a relevant system in respect of which an Operator is approved under the 1995 Regulations.
(2) Causing dematerialised instructions relating to a security to be sent by means of such a system is also a specified kind of activity where the person causing them to be sent is a system-participant.
(3) In this Chapter—
(a)“the 1995 Regulations” means the Uncertified Securities Regulations 1995(1); and
(b)“dematerialised instruction”, “Operator”, “settlement bank” and “system-participant” have the meaning given by regulation 3 of the 1995 Regulations.