(1) A participating issuer shall register a transfer of title to uncertificated units of a security on a register of securities in accordance with an operator-instruction unless -

(a) the transfer is prohibited -

(i) by order of the High Court, provided both the participating issuer and the relevant operator shall both have had actual notice of the order before the operator-instruction is sent and the fact of such actual notice on the part of both such persons shall have been established to the satisfaction of the court by the person seeking to rely on the order, or

(ii) by or under an enactment, or

(b) the participating issuer it has actual notice that the transfer is -

(i) avoided by or under an enactment, or

(ii) a transfer to a deceased person, or

(c) the circumstances described in paragraph (2) apply, or

(d) the participating issuer is entitled by virtue of paragraph (3) to refuse to register the transfer.