PART 3PARTICIPATING SECURITIES

KEEPING OF REGISTERS AND RECORDS

Entries on registers and records in respect of public sector securities21

1

In respect of every participating security which is a public sector security the Operator shall—

a

maintain a register, and such a register is referred to in these Regulations as an “Operator register of public sector securities”; and

b

keep and enter up the Operator register of public sector securities in accordance with paragraph 12 of Schedule 4.

2

The person specified in paragraph (3) shall—

a

maintain a record of the entries made in an Operator register of public sector securities; and such a record is referred to in these Regulations as a “record of uncertificated public sector securities”; and

b

keep and enter up that record in accordance with paragraph 13 of Schedule 4.

3

The person referred to in paragraph (2) is the Bank of England, except where the security to which an Operator register of public sector securities relates is a local authority security, in which case it is—

a

the relevant local authority; or

b

if the local authority has appointed another person to act as registrar for the purpose of the 1974 Regulations in respect of that security, the person so appointed.

4

Such sanctions as apply to a company and its officers in the event of a default in complying with section 352 of the 1985 Act shall apply to an Operator and his officers in the event of a default in complying with paragraph (1)(a).

5

Such sanctions as apply to the registrar, within the meaning of the 1974 Regulations, in the event of a default in complying with regulation 5 of those Regulations shall apply to a participating issuer and his officers in the event of a default in complying with paragraph (2)(a) in respect of a local authority security.