The Public Offers and Admissions to Trading Regulations 2024

Meaning of “excluded securities” in regulation 5

6.—(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(1), 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(2),

(b) a body entered in the Scottish Charity Register(3),

(c) a charity, as defined by section 35 of the Charities Act (Northern Ireland) 1964(4),

(d) a housing association within the meaning of—

(i) section 5(1) of the Housing Act 1985(5),

(ii) section 1 of the Housing Associations Act 1985(6), or

(iii) article 3 of the Housing (Northern Ireland) Order 1992(7), or

(e) a registered society that is—

(i) registered under the Co-operative and Community Benefit Societies Act 2014(8) 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(9), 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.

(1)

Section 417(1) of the Financial Services and Markets Act 2000 (c. 8) contains a definition of “markets in financial instruments regulation” for the purposes of that Act.

(2)

2011. c. 25.

(3)

See section 3 of the Charities and Trustee Investment (Scotland) Act 2005 (asp 10).

(4)

1964 c. 33 (N.I.).

(5)

1985 c. 68.

(6)

1985 c. 69.

(7)

S.I. 1992/1725 (N.I. 15).

(8)

2014 c. 14.

(9)

1969 c. 24 (N.I.). Section 1 was substituted, and the short tile of the Act amended, by section 8 of the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16).