These Regulations make provision for the transfer without a written instrument, and the evidencing otherwise than by a certificate, of title to a unit of a security, in accordance with a computer-based system and procedures known as the "relevant system". The relevant system centres on a person known as the "operator". The legal framework underlying the operation of the relevant system, together with the criteria which the operator and the relevant system must meet, are enshrined in these Regulations.

Chapter I, inter alia, sets out the purpose and definitions in the Regulations. A unit of a security which may be transferred by means of the relevant system is referred to as an "uncertificated unit". A security, the units of which may become uncertificated, is referred to as a "participating security". An issuer which issues a participating security is, in relation to that security, referred to as a "participating issuer". Instructions sent by means of the relevant system are referred to as "demateralised instructions".

Chapter II mainly provides for a range of matters relating to transfers of title to securities (including transfer of uncertificated holdings, transfer from uncertificated to certificated holdings and vice-versa) through a dematerialised system, the recording and registration of such transfers and the obligations imposed on participating issuers in regard to this and certain other matters.

Chapter III provides for the approval of an operator or recognition of an operator already approved by a competent authority of a Member State of the EU, by the Minister and associated matters. Provision is also made for the Minister to delegate his approval and supervisory functions under Chapter III to a designated body, if he so wishes.