In these Regulations unless the context otherwise requires—

• “the Board of directors” means the Board of directors of LIFFE (A & M);

• “clearing member” means a member (as defined by this regulation) who is also a member of The London Clearing House Limited and who as such is permitted by the Board of directors and that clearing house to clear transactions made on LIFFE for an equity security;

• “equity securities” means stocks and shares which are issued or raised by a company but does not include stocks and shares issued or raised by a company not incorporated in the United Kingdom unless—

  1. a

     they are registered in a register kept in the United Kingdom by or on behalf of the company, or

  2. b

     in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 19862, with shares issued by a company incorporated in the United Kingdom;

• “LIFFE” means The London International Financial Futures and Options Exchange;

• “LIFFE (A & M)” means LIFFE Administration and Management;

• “member” means a member of LIFFE (A & M) who is recognised as such by the Board of directors;

• “non-clearing member” means a member other than a clearing member;

• “option” means an option to buy or sell securities which is listed by and traded on LIFFE.