(1) A unit of a participating security shall not be converted from certificated form into uncertificated form unless the participating issuer notifies the Operator by means of an issuer-instruction that any of the circumstances specified in paragraph (2) have arisen; and in this regulation such an issuer-instruction is referred to as a "dematerialisation notice".

(2) The circumstances referred to in paragraph (1) are -

(a) where the unit of the participating security is held by a system-member, that the participating issuer has received -

(i) a request in writing from the system-member in the form required by the Operator's conversion rules that the unit be converted from certificated form to uncertificated form; and

(ii) subject to paragraph (4), the certificate relating to that unit; or