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Scotland Act 1998


What is reserved are financial markets, such as investment exchanges or money markets.

The reserved matters are expressly stated to include:


the listing and public offers of securities and investments, such as the matters which have to be disclosed in the application for official or unofficial listing of securities by the Stock Exchange;


the transfer of securities e.g. on paper in the case of certificated securities or electronically in the case of uncertificated securities as in the CREST system; and


insider dealing.  This reserves all matters relating to what constitutes insider dealing and its consequences.

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