Search Legislation

Financial Markets and Insolvency Regulations (Northern Ireland) 1996

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

More Resources


This is the original version (as it was originally made). This item of legislation is currently only available in its original format.


2.—(1) In these Regulations—

“business day” means any day which is not a Saturday or Sunday, Christmas Day, Good Friday or a bank holiday in any part of the United Kingdom under the Banking and Financial Dealings Act 1971(1);

“issue”, in relation to an uncertificated unit of a security, means to confer on a person title to a new unit;

“the Order” means the Companies (No. 2) (Northern Ireland) Order 1990;

“register of securities”—


in relation to shares, means a register of members; and


in relation to units of a security other than shares, means a register maintained by the issuer, whether by virtue of the 1995 Regulations or otherwise, of persons holding the units;

“the 1995 Regulations” means the Uncertificated Securities Regulations 1995(2);

“relevant nominee” means a system-member who is a subsidiary undertaking of the Operator designated by him as such in accordance with such rules and practices as are mentioned in paragraph 19(d) of Schedule 1 to the 1995 Regulations;

“settlement bank” means a person who has contracted with an Operator to make payments in connection with transfers, by means of a relevant system, of title to uncertificated units of a security and of interests of system-beneficiaries in relation to such units;

“system-beneficiary” means a person on whose behalf a system-member or former system-member holds or held uncertificated units of a security;

“system-charge” means a charge of a kind to which regulation 3(2) applies;

“system-member” means a person who is permitted by an Operator to transfer by means of a relevant system title to uncertificated units of a security held by him; and “former system-member” means a person whose participation in the relevant system is terminated or suspended;

“transfer”, in relation to title to uncertificated units of a security, means 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; and in relation to an interest of a system-beneficiary in relation to uncertificated units of a security, means the transfer of the interest to another system-beneficiary by means of a relevant system;

and other expressions used in these Regulations which are also used in the 1995 Regulations have the same meanings as in those Regulations.

(2) For the purposes of these Regulations, a person holds a unit of security if—

(a)in the case of an uncertificated unit, he is entered on a register of securities in relation to the unit in accordance with regulation 19 of the 1995 Regulations; and

(b)in the case of a certificated unit, he has title to the unit.


S.I. 1995/3272

Back to top


Print Options


Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.


Opening Options

Different options to open legislation in order to view more content on screen at once


More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources