(1) The Principal Act is amended -

(a) by the deletion of sections 68, 69, 70, 71, 72, 73, 76, 77 and 78,

(b) in section 78A -

(i) in subsection (1) -

(I) by the deletion of the definition of "dematerialised securities", and

(II) by the insertion of the following definitions:

"'operator' means a person who operates a securities settlement system;

'participant' means a person permitted by an operator to input a transfer order;",

and

(ii) by the substitution of the following subsection for subsection (3):

"(3) This Chapter applies only where an interest in securities is transferred by electronic means.",

(c) in section 78H, by the insertion of the following subsection after subsection (1):