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PART IIU.K. SPECIFIED ACTIVITIES

Chapter IXU.K.Sending Dematerialised Instructions

The activitiesU.K.

Sending dematerialised instructionsU.K.

45.—(1) Sending, on behalf of another person, dematerialised instructions relating to a security [F1or a contractually based investment] is a specified kind of activity, where those instructions are sent by means of a relevant system in respect of which an Operator is approved under the [F22001] Regulations.

(2) Causing dematerialised instructions relating to a security [F3or a contractually based investment] to be sent [F4on behalf of another person] by means of such a system is also a specified kind of activity where the person causing them to be sent is a system-participant.

(3) In this Chapter—

[F5(a)“the 2001 Regulations” means the Uncertificated Securities Regulations 2001;]

(b)“dematerialised instruction", “Operator", “settlement bank" and “system-participant" have the meaning given by regulation 3 of the [F62001] Regulations.