Interpretation
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