Regulation 48 Exemption from liability
Regulations 21(5), 28(9), 32(9) and (10), and 33(11) shall not apply to any of the following or its officers -
(a) the Crown;
(b) any person acting on behalf of the Crown;
(c) the Bank of England;
(d) the Registrar of Government Stock;
(e) any previous Registrar of Government Stock; or
(f) in respect of a security which immediately before it became a participating security was transferable by exempt transfer within the meaning of the Stock Transfer Act 1982, a participating issuer.