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Companies Act 1985
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Rhagor o Adnoddau
Changes over time for: Section 163
Version Superseded: 01/10/2009
Alternative versions:
- 01/02/1991- Amendment
- 01/12/2001- Amendment
- 01/10/2005
Point in time - Stop date 01/10/2009- Amendment
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Point in time view as at 01/10/2005. This version of this provision has been superseded.
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163 Definitions of “off-market” and “market” purchase.E+W+S
(1)A purchase by a company of its own shares is “off-market” if the shares either—
(a)are purchased otherwise than on [F1a recognised investment exchange], or
(b)are purchased on [F1a recognised investment exchange] but are not subject to a marketing arrangement on [F2that investment exchange].
(2)For this purpose, a company’s shares are subject to a marketing arrangement on a recognised stock exchange if either—
(a)they are listed [F3Part 6 of the Financial Services and Markets Act 2000]; or
(b)the company has been afforded facilities for dealings in those shares to take place on [F4that investment exchange] without prior permission for individual transactions from the authority governing [F4that investment exchange] and without limit as to the time during which those facilities are to be available.
(3)A purchase by a company of its own shares is a “market purchase” if it is a purchase made on a recognised stock exchange, other than a purchase which is an off-market purchase by virtue of subsection (1)(b).
[F5(4)“Recognised investment exchange” means a recognised investment exchange other than an overseas investment exchange.
F5(5)Expressions used in the definition contained in subsection (4) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.]
Textual Amendments
F1Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 17(a)
F2Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 17(b)
F3Words in s. 163(2)(a) substituted (1.12.2001) by S.I. 2001/3649, art. 6(1)(2)
F4Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 17(c)
F5S. 163(4)(5) substituted (1.12.2001) for s. 163(4) by S.I. 2001/3649, art. 6(1)(3)
Modifications etc. (not altering text)
C1S. 163(2)(b) extended (21.8.2002) by S.I. 2001/1335, art. 8A(4)(a) (as inserted by S.I. 2002/2157, art. 3(2))
C2S. 163(2)(b) modified (1.7.2005) by The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S.I. 2005/1529), art. 8A(3) (with art. 10)
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