(1) Notwithstanding section 79 or section 81 of the 1963 Act or section 2 (1) of the Stock Transfer Act, 1963, title to securities may be evidenced and transferred without a written instrument provided that such title is evidenced and transferred in accordance with these regulations.

(2) References in any enactment or rule of law to a proper instrument of transfer or to a transfer with respect to securities, or any expression having like meaning, shall be taken to include a reference to an operator-instruction to a participating issuer to register a transfer of title on the relevant register of securities in accordance with the operator-instruction.

(3) Paragraphs (1) and (2) of this regulation shall not have effect in relation to an operator instruction -

(a) unless the operator giving the instruction has entered into an agreement with the Revenue Commissioners in relation to the payment of any stamp duty chargeable on transfers of title to securities through the relevant system,