The Uncertificated Securities Regulations 1995

means the actual interest paid on sums borrowed in a transaction at arm’s length and, where a sum has been borrowed otherwise than in such a transaction, means whichever is the lesser of the interest actually paid and the interest that might reasonably have been expected to be paid had the transaction been at arm’s length.

means any certificate, instrument or other document of, or evidencing, title to units of a security;

means a unit of a security which is not an uncertificated unit;

means a company within the meaning of section 735(1) of the 1985 Act;

means an instrument in writing under regulation 11.

means an instruction sent or received by means of a relevant system;

has the meaning given by regulation 11(1);

includes an enactment comprised in any subordinate legislation within the meaning of the Interpretation Act 1978;

includes any instruction, election, acceptance or any other message of any kind;

means any legal or equitable interest or right in relation to a security, including— (a) an absolute or contingent right to acquire a security created, allotted or issued or to be created, allotted or issued;

means a properly authenticated dematerialised instruction attributable to a participating issuer;

means any interest which that person might reasonably have been expected to have been liable to pay had the sums expended been borrowed at arm’s length;

has the meaning given by section 428(8) of the 1985 Act as construed in accordance with section 430D(5) of that Act. 23

means a person approved by the Treasury under these Regulations as Operator of a relevant system;

means a properly authenticated dematerialised instruction attributable to an Operator;

means those facilities and procedures which are part of the relevant system, which are maintained and operated by or for an Operator, by which he generates Operator-instructions and receives dematerialised instructions from system-participants and by which persons change the form in which units of a participating security are held;

means a person who has issued a security which is a participating security;

means a security title to units of which is permitted by an Operator to be transferred by means of a relevant system;

has the same meaning as in the 1986 Act.

means a register of members maintained by a company under section 352 of the 1985 Act;

means a subsidiary undertaking of an Operator designated by him as a relevant nominee in accordance with such rules and practices as are mentioned in paragraph 19(d) of Schedule 1 to these Regulations.

means a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters.

means shares, stock, debentures, debenture stock, loan stock, bonds, units of a collective investment scheme within the meaning of the 1986 Act, rights under a depositary receipt within the meaning of paragraph 4 of Schedule 2 to the Criminal Justice Act 1993, and other securities of any description, and interests in a security;

means share (or stock) in the share capital of a company;

means a system-participant who is permitted by an Operator to send properly authenticated dematerialised instructions attributable to another person and to receive properly authenticated dematerialised instructions on another person’s behalf;

means a properly authenticated dematerialised instruction attributable to a system-member;

means the Companies Act 1985;

means the Financial Services Act 1986;

means the Companies (Northern Ireland) Order 1986;

means the person identified in the Operator-instruction as the transferee;

means the person identified in the Operator-instruction as the transferor.

means a unit of a security title to which is recorded on the relevant register of securities as being held in uncertificated form, and title to which, by virtue of these Regulations, may be transferred by means of a relevant system;

means the smallest possible transferable unit of the security (for example a single share);