The Uncertificated Securities Regulations 1992

Operator’s management of the system

54.—(1) Notwithstanding any other provision of these Regulations, the Operator is not obliged to transmit through the Operator’s part of the system or otherwise act upon a communication received by it which it is satisfied is obviously erroneous.

(2) The Operator may refuse to transmit a proper instruction to register or other communication to a company if the proper instruction or other communication has been superseded by a later instruction or communication or, in the case of a proper instruction to register, it (together with other instructions to register issued at the same time) would have the effect of updating the register by reference to an earlier date than that achieved by proper instructions which have already been issued.

(3) The Operator may, by notice to a company and all controllers holding entitlements to units of a security of the company (other than any controller which issues only standing instructions to register), cancel a fixed register date in respect of the security (whether before or after the date, but prior to the issue of any limited instructions to register in respect of it) if, in the opinion of the Operator, the giving of any proper instructions to register by reference to that date, having regard to any general call for instructions that has been or is likely to be made, would be likely to have the effect of updating the appropriate register by reference to an earlier date than that achieved by proper instructions issued or to be issued in response to the general call.