One alternative was the certificateless system - where no certificates are ever issued and transfers are recorded by the issuer of the securities. The UCC was revised in 1977 to provide for the use of uncertificated securities, but these provisions have not been widely used and uncertificated securities are a relatively small component in the North American securities markets. Instead, problems with the physical handling of certificates have been alleviated mainly by the increased use of intermediaries, particularly depositories, to hold securities on behalf of others. Although some investors still take actual.
