(1) Notwithstanding any enactment, or rule of law, and in particular section 86 of the 1963 Act, but subject to regulation 20, a participating issuer shall not issue a certificate in relation to any uncertificated units of a participating security.

(2) A document issued by or on behalf of a participating issuer purportedly evidencing title to an uncertificated unit of a participating security shall not be evidence of title to the unit of the security; and in particular section 87(1) of the 1963 Act shall not apply to any document issued with respect to uncertificated shares.