66 Transfer of securities through clearing agencies and securities facilities

(1) In this section —


(a) „approved rules“ mean the rules and procedures of a clearing
agency, recognised overseas clearing agency, securities facility
or a recognised overseas securities facility, as the case may be,
relating to the transfer of ownership of securities, which rules and
procedures have been approved in writing by the Authority under
the Securities Act or by a recognized overseas regulatory
authority;

(b) „clearing agency“ means a licensed clearing agency under the
Securities Act;

(c) „recognised overseas clearing agency“ means a company
licensed by a recognized overseas regulatory authority whose
licensed business includes the provision of services for the
clearing or settlement or both in respect of transactions in
securities;

(d) „recognised overseas regulatory authority“ means as defined in
the Securities Act;

(e) „recognised overseas securities facility“ means a company
licensed by a recognized overseas regulatory authority whose
licensed business includes the provision of securities registry
services or securities depository services including a central
securities depository for the settlement of securities transactions;

(f) „recognised overseas securities exchange“ means as defined in
the Securities Act;

(g) „securities facility“ means a licensed Securities Facility under the
Securities Act; and

(h) „Seychelles Securities Exchange“ means a licensed securities
exchange under the Securities Act.


(2) Subject to subsection (3), securities issued by a company listed on a
Seychelles Securities Exchange or on a recognised overseas securities
exchange may be —

(a) issued in electronic form;

(b) converted from physical form to electronic form or vice versa;

(c) transferred by electronic means.

(3) Notwithstanding any other provision of this Act or other written law, the
method of transferring the ownership of securities deposited in or cleared
through a clearing agency, recognised overseas clearing agency, securities
facility or recognised overseas securities facility shall be a transfer made
in accordance with the approved rules.

(4) Subsection (3) is without prejudice of the right of any person to apply to
the Court for a declaration or other order in respect of the ownership or
transfer of securities.