Pledge creation procedure requires participant-mediated application and depository registration, with pledgee concurrence needed for cancellations and transfers blocked without consent. Regulation 29 is amended to exempt depositories that are issuers from the agreement requirement. Regulation 58 is replaced to establish procedures for creating, recording, notifying and cancelling pledge and hypothecation: applications must be made by the beneficial owner through the participant, participants must note and forward applications, the depository records pledges after pledgee confirmation and notifies relevant participants, cancellations require pledgee concurrence, the pledgee may be registered as beneficial owner on invocation, hypothecation follows the same procedure with the depository obtaining the hypothecator's prior concurrence, and transfers are barred without pledgee or hypothecatee consent.