Financial Services and Markets Act 2000

[F1102AMeaning of “securities” etc.U.K.

This section has no associated Explanatory Notes

 

(1)This section applies for the purposes of this Part.

(2)“Securities” means (except in section 74(2) and the expression “transferable securities”) anything which has been, or may be, admitted to the official list.

(3)“Transferable securities” means anything which is a transferable security for the purposes of [F2the markets in financial instruments [F3regulation]], other than money-market instruments for the purposes of that [F3regulation] which have a maturity of less than 12 months.

[F4(3A)“Debt securities” means bonds or other forms of transferable securitised debts, with the exception of—

(a)transferable securities which are equivalent to shares, and

(b)transferable securities which, if converted or if the rights conferred by them are exercised, give rise to a right to acquire—

(i)shares, or

(ii)transferable securities equivalent to shares.]

[F5(4)“Financial instrument” [F6means those instruments specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001].]

[F7(5)“Non-equity transferable securities” means all transferable securities that are not equity securities; and for this purpose the following are “equity securities”—

(a)shares,

(b)other transferable securities which are equivalent to shares, and

(c)transferable securities which—

(i)are within neither of paragraphs (a) and (b),

(ii)give the right to acquire securities within paragraph (a) or (b) if converted or if the rights conferred by them are exercised, and

(iii)are issued by the issuer of the underlying shares or by an entity belonging to the group of that issuer.]

(6)“Issuer”—

(a)[F8in relation to an offer of transferable securities to the public or admission of transferable securities to trading on a regulated market for which an approved prospectus is required [F9under the prospectus regulation], means a legal person who issues or proposes to issue the transferable securities in question,]

[F10(aa)in relation to transparency rules, means a F11... person whose securities are admitted to trading on a regulated market or whose voting shares are admitted to trading on a UK market other than a regulated market, and in the case of depository receipts [F12admitted to trading on a regulated market, the issuer is the issuer of the securities represented by the depository receipt, whether or not those securities are admitted to trading on a regulated market];]

(b)in relation to anything else which is or may be admitted to the official list, has such meaning as may be prescribed by the Treasury, and

(c)in any other case, means a person who issues financial instruments.]

Textual Amendments

F1Ss. 102A-103 substituted for s. 103 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 11

F2Words in s. 102A(3) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 7(2) (with reg. 7)

F8S. 102A(6)(a) omitted (30.1.2024 for specified purposes) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 12 (with regs. 48-50)

F10S. 102A(6)(aa) inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 10(4)

F11Word in s. 102A(6)(aa) omitted (1.11.2015 for specified purposes, 26.11.2015 in so far as not already in force) by virtue of The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(2)(3), 5(1)(a)

F12Words in s. 102A(6)(aa) substituted (1.11.2015 for specified purposes, 26.11.2015 in so far as not already in force) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(2)(3), 5(1)(b)