Section A4: Financial Markets
Purpose and Effect
This Section reserves financial markets.
General
The reservation of financial markets ensures a common market across the UK in securities and other financial instruments, for investors and traders, including markets which operate for the purpose of raising capital and for dealing with financial instruments and currency, including foreign exchange.
Details of Provisions
Reservation
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.