(1) At the time an operator-instruction is sent requiring a participating issuer to register on a register of securities a transfer of title to any uncertificated units of a security -

(a) the transferee shall acquire an equitable interest in the requisite number of uncertificated units of the security of the kind specified in the operator-instruction in which the transferor has an equitable interest by virtue of this regulation, or in relation to which the transferor is recorded on the relevant register of securities as having title, and

(b) the equitable interest shall subsist until the time specified in paragraph (3).

(2) For the purposes of paragraph (1)(a) it shall not be denied that the transferee has obtained the equitable interest referred to in paragraph (1)(a), solely by reason of the fact that the transferor acquired the equitable interest by virtue of paragraph (1)(a) at the same time as the transferee's equitable interest arises in that interest.

(3) Subject to any enactment or rule of law, an interest acquired under paragraph (1) -