21.—(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.