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sending dematerialised instructions

    the regulated activity, specified in article 45(1)of the Regulated Activities Order, of sending, on behalf of another person, dematerialised instructions relating to a security, where those instructions are sent by means of a relevant system in respect of which an operator is approved under the 1995 Regulations;in this definition:

      1. (a) "the 1995 Regulations" means the Uncertificated Securities Regulations 1995 (SI 1995/3272);
      1. (b) "dematerialised instruction" and "operator" have the meaning given by regulation 3 of the 1995 Regulations.5