(1) Paragraph (2) applies when an Operator deletes an entry on an Operator register of securities in consequence of which -

(a) the Operator must generate an Operator-instruction in accordance with regulation 27(7); and

(b) by virtue of that instruction a participating issuer must register, on an issuer register of securities, a transfer of title to units of a participating security constituted under the law of England and Wales or Northern Ireland.

(2) Where this paragraph applies -

(a) subject to -

(i) subparagraph (b); and

(ii) any enactment or rule of law,

the transferor shall, notwithstanding the deletion of the entry in the Operator register of securities, retain title to the requisite number of units of the relevant participating security until the transferee is entered on the relevant issuer register of securities as the holder thereof; and