The Uncertificated Securities (Amendment and EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
| Citation | SI 2019/679 |
| Year | 2019 |
(1) These Regulations may be cited as the Uncertificated Securities (Amendment and EU Exit) Regulations 2019.(2) Parts 1 to 4 come into force on the day after the day on which these Regulations are made.(3) Part 5 comes into force on exit day.(1) The Companies Act 2006 is amended as follows.(2) In paragraph 41 of Part 2 of Schedule 2 (3) In paragraph 56 of Part 2 of Schedule 11A (1) The Financial Services (Banking Reform) Act 2013 (2) In section 41(2) (d) (meaning of “payment system”) , after “recognised clearing house” insert “ or a recognised CSD ” .(3) In section 112(2) (b) (interpretation: infrastructure companies) omit “operating a securities settlement system”.(4) In section 115(1A) (objective of FMI administration) omit “operating a securities settlement system”.(1) The Uncertificated Securities Regulations 2001 in the appropriate place insert—“ Requirements for operation of a relevant system ” ;omit paragraphs 1 to 4;for sub-paragraph (1) substitute—“ a CSD within the meaning of the CSD regulation or ” ;omit paragraphs 6 to 8;omit paragraphs 10 and 11;omit paragraphs 23 and 24;omit paragraph 25(a) and (d) ;omit paragraphs 27 and 28.(10) Omit Schedule 2 (prevention of excessive regulatory provision) .for the heading substitute “ Procedure for giving directions ” ;in paragraph 1 omit sub-paragraphs (a) and (b) ;in paragraph 2(a) omit “refuse the application, withdraw the approval or”;in paragraph 5 omit “refuse the application, withdraw the approval, or”;omit sub-paragraphs (a) and (b) ;after “decision” insert “ and the reasons for its decision ” ;after paragraph 6 insert—In regulation 2 of the Stamp Duty Reserve Tax Regulations 1986
in paragraph (1) , for “in respect of which an Operator is approved under the 2001 Regulations” substitute in paragraph (3) (b) omit “ “Operator”,”. In Part 3 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001
- “CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;
- (1) A relevant system must satisfy the requirements of sub-paragraphs (3) to (6) .
- (a) in accordance with the specifications of the Operator, and those specifications shall provide that each dematerialised instruction is identifiable as being from the computers of the Operator or of a particular system-participant; or
- (a) a reference is a “disciplinary reference” for the purposes of section 133 of the 2000 Act if it is in respect of a decision to give a direction under this Schedule;
- (b) section 133(1) (a) and (c) of the 2000 Act does not apply.
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