718. Provision enabling procedures for evidencing and transferring title
(1) The Board may make rules which provide for title to securities to be evidenced and transferred without a written instrument.
(2) The rules may make provision—
(a) for procedures for recording and transferring title to securities, and
(b) for the regulation of those procedures and the persons responsible for or involved in their operation.
(3) The rules must contain such safeguards as appear to the authority making the rules appropriate for the protection of investors and for ensuring that competition is not restricted, distorted or prevented.
(4) The rules may, for the purpose of enabling or facilitating the operation of the procedures provided for by the rules, make provision with respect to the rights and obligations of persons in relation to securities dealt with under the procedures.
(5) The rules may include provision for the purpose of giving effect to—
(a) the transmission of title to securities by operation of law,
(b) any restriction on the transfer of title to securities arising by virtue of the provisions of any enactment or instrument, Court order or agreement,
(c) any power conferred by any such provision on a person to deal with securities on behalf of the person entitled.
(6) The rules may make provision with respect to the persons responsible for the operation of the procedures provided for by the rules—
(a) as to the consequences of their insolvency or incapacity, or
(b) as to the transfer from them to other persons of their functions in relation to those procedures.
(7) The rules may confer functions on any person, including—
(a) the function of giving guidance or issuing a code of practice in relation to any provision made by the rules, and
(b) the function of making rules for the purposes of any provision made by the rules.
(8) The rules may, in prescribed cases, confer immunity from liability in damages.