The Public Offers and Admissions to Trading Regulations 2024
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Change 1
6 Meaning of “excluded securities” in regulation 5
(1) In regulation 5 “excluded securities” means— (a) units issued by a collective investment undertaking other than the closed-end type; (b) non-equity securities issued by— (i) the government of any country or territory, (ii) a local or regional authority of any country or territory, (iii) a public international body of which the United Kingdom or any other State is a member, or (iv) the European Central Bank or the central bank of any State; (c) shares in the capital of the central bank of any State; (d) securities unconditionally and irrevocably guaranteed by the government or a local or regional authority of any country or territory; (e) securities issued by a qualifying body; (f) non-fungible shares of capital— (i) the main purpose of which is to provide the holder with a right to occupy any immovable property, and (ii) which cannot be sold without that right being given up; (g) money market instruments, as defined in Article 2(1)(25A) of the markets in financial instruments regulation, that have a maturity of less than 12 months. (2) For the purposes of paragraph (1)(a)— (a) “collective investment undertaking other than the closed-end type” means unit trusts and investment companies with both of the following characteristics— (i) they raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and (ii) their units are, at the holder’s request, repurchased or redeemed, directly or indirectly, out of their assets; (b) “units of a collective investment undertaking” means securities issued by a collective investment undertaking as representing the rights of the participants in such an undertaking over its assets. (3) In paragraph (1)(e), “qualifying body” means— (a) a charity, as defined by section 1(1) of the Charities Act 2011, (b) a body entered in the Scottish Charity Register, (c) a charity, as defined by section 35 of the Charities Act (Northern Ireland) 1964, (d) a housing association within the meaning of— (i) section 5(1) of the Housing Act 1985, (ii) section 1 of the Housing Associations Act 1985, or (iii) article 3 of the Housing (Northern Ireland) Order 1992, or (e) a registered society that is— (i) registered under the Co-operative and Community Benefit Societies Act 2014 as a community benefit society, (ii) a pre-commencement society within the meaning of the Co-operative and Community Benefit Societies Act 2014 that meets the condition in section 2(2)(a)(ii) of that Act, (iii) registered under section 1(1)(b) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, or (iv) a pre-2016 Act society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 that meets the condition in section 1(2)(a)(ii) of that Act.
6 Meaning of “excluded securities” in regulation 5
(1) In regulation 5 “excluded securities” means— (a) units issued by a collective investment undertaking other than the closed-end type; (b) non-equity securities issued by— (i) the government of any country or territory, (ii) a local or regional authority of any country or territory, (iii) a public international body of which the United Kingdom or any other State is a member, or (iv) the European Central Bank or the central bank of any State; (c) shares in the capital of the central bank of any State; (d) securities unconditionally and irrevocably guaranteed by the government or a local or regional authority of any country or territory; (e) securities issued by a qualifying body; (f) non-fungible shares of capital— (i) the main purpose of which is to provide the holder with a right to occupy any immovable property, and (ii) which cannot be sold without that right being given up; (g) money market instruments, as defined in Article 2(1)(25A) of the markets in financial instruments regulation, that have a maturity of less than 12 months. (2) For the purposes of paragraph (1)(a)— (a) “collective investment undertaking other than the closed-end type” means unit trusts and investment companies with both of the following characteristics— (i) they raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and (ii) their units are, at the holder’s request, repurchased or redeemed, directly or indirectly, out of their assets; (b) “units of a collective investment undertaking” means securities issued by a collective investment undertaking as representing the rights of the participants in such an undertaking over its assets. (3) In paragraph (1)(e), “qualifying body” means— (a) a charity, as defined by section 1(1) of the Charities Act 2011, (b) a body entered in the Scottish Charity Register, (c) a charity, as defined by section 35 of the Charities Act (Northern Ireland) 1964, (d) a housing association within the meaning of— (i) section 5(1) of the Housing Act 1985, (ii) section 1 of the Housing Associations Act 1985, or (iii) article 3 of the Housing (Northern Ireland) Order 1992, or (e) a registered society that is— (i) registered under the Co-operative and Community Benefit Societies Act 2014 as a community benefit society, (ii) a pre-commencement society within the meaning of the Co-operative and Community Benefit Societies Act 2014 that meets the condition in section 2(2)(a)(ii) of that Act, (iii) registered under section 1(1)(b) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, or (iv) a pre-2016 Act society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 that meets the condition in section 1(2)(a)(ii) of that Act.
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