77.—(1) Subject to paragraph (2), such of the following as do not fall within [F1article 77A or 78]—
(a)debentures;
(b)debenture stock;
(c)loan stock;
(d)bonds;
(e)certificates of deposit;
(f)any other instrument creating or acknowledging indebtedness.
(2) If and to the extent that they would otherwise fall within paragraph (1), there are excluded from that paragraph—
(a)an instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
(b)a cheque or other bill of exchange, a banker’s draft or a letter of credit (but not a bill of exchange accepted by a banker);
(c)a banknote, a statement showing a balance on a current, deposit or savings account, a lease or other disposition of property, or a heritable security;
(d)a contract of insurance; and
[F2(e)an instrument which does not fall within article 77A by reason only of failing to meet the requirements of either sub-paragraph (e) or (f) (or both) of paragraph (2) of that article.]
(3) An instrument excluded from paragraph (1) of article 78 by paragraph (2)(b) of that article is not thereby to be taken to fall within paragraph (1) of this article.
Textual Amendments
F1Words in art. 77(1) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(2)(a)
F2Art. 77(2)(e) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(2)(b)