(1) Paragraph (2) applies where a participating issuer is required by or under an enactment or instrument to maintain in the United Kingdom a register of persons holding securities (other than shares , general public sector securities or eligible debt securities) issued by him.

(2) Where this paragraph applies, then in so far as the register in question relates to any class of security which is a participating security -

(a) the Operator shall -

(i) maintain a register, and such a register is referred to in these Regulations as an "Operator register of corporate securities"; and

(ii) keep and enter up the Operator register of corporate securities in accordance with paragraph 14 of Schedule 4;

(b) the participating issuer -

(i) shall not maintain the register to the extent that it relates to securities held in uncertificated form;