(1) Provision may be made by regulations for enabling title to securities to be evidenced and transferred without a written instrument.
(2) The regulations may make provision -
(a) for procedures for recording and transferring title to securities, and
(b) for the regulation of those procedures and the persons responsible for or involved in their operation.
(3) The regulations must contain such safeguards as appear to the authority making the regulations appropriate for the protection of investors and for ensuring that competition is not restricted, distorted or prevented.
(4) The regulations may, for the purpose of enabling or facilitating the operation of the procedures provided for by the regulations, make provision with respect to the rights and obligations of persons in relation to securities dealt with under the procedures.
(5) The regulations may include provision for the purpose of giving effect to -
(a) the transmission of title to securities by operation of law;
(b) any restri
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