Migration of Participating Securities Act 2019

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Migration - meaning of that expression and supplemental provision

3. (1) In this section—

“nominated central securities depository” means the particular central securities depository that is expressed in the special resolution specified in section 5 (1) to be the central securities depository to which it is proposed that the participating securities concerned will be migrated;

“security holders” means the holders of the participating securities of the kind referred to in section 4 (1).

(2) In this Act, a reference to the migration of participating securities of the kind referred to in section 4 (1) shall be construed as a reference to both of the following occurring (with effect, as provided under section 11 , on the live date referred to therein):

(a) the title to those participating securities becoming and being vested in—

(i) the nominated central securities depository, or

(ii) if such a body has been so nominated in this behalf, a body nominated by the nominated central securities depository with respect to its operations as a central securities depository,

for the purpose of the recording of those securities in book-entry form and the settlement of trades in respect of them being effected through that depository’s settlement system;

(b) the applicable CREST arrangements in relation to those participating securities ceasing to be in force.

(3) Neither subsection (2) nor any other provision of this Act shall be construed as—

(a) affecting the continued application of the Act of 2014 to the participating issuer concerned, or

(b) operating to divest the security holders of their relevant rights or interests in the participating securities concerned,

on and from the date on which the migration takes effect, but subsections (3) and (4) of section 11 make provision with respect to the application of sections 94(4) and 99(2) of the Act of 2014 and this subsection shall be construed subject to those subsections.