(1) Where an operator sends two or more operator-instructions requiring a participating issuer to register two or more transfers of title to uncertificated units of a security, and it appears to the operator -

(a) either -

(i) that there are fewer units of the security registered in the name of a person identified in any one of the operator-instructions as a transferor than the number of units to be transferred from that person, or

(ii) that any one of the transfers taken alone is one in relation to which it has not been established in accordance with the procedures of the relevant system that a settlement-bank has agreed to make a payment, and

(b) that registration of all of the transfers would result in each of the persons identified in the operator-instructions as a transferor having title to a number of units of a security equal to or greater than nil, and

(c) that the combined effect of all the transfers taken together would result in payment being made by the settlement-bank,

the operator may notify the participating issuer that the transfers are linked transfers.