{
  "url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-6",
  "json_url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-6.json",
  "legislation": "ukdsi/2023/9780348254235",
  "legislation_title": "The Public Offers and Admissions to Trading Regulations 2023",
  "legislation_url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Meaning of “excluded securities” in regulation 5",
  "text": "(1) In regulation 5 “excluded securities” means—\n(a) units issued by a collective investment undertaking other than the closed-end type;\n(b) non-equity securities issued by—\n(i) the government of any country or territory,\n(ii) a local or regional authority of any country or territory,\n(iii) a public international body of which the United Kingdom or any other State is a member, or\n(iv) the European Central Bank or the central bank of any State;\n(c) shares in the capital of the central bank of any State;\n(d) securities unconditionally and irrevocably guaranteed by the government or a local or regional authority of any country or territory;\n(e) securities issued by a qualifying body;\n(f) non-fungible shares of capital—\n(i) the main purpose of which is to provide the holder with a right to occupy any immovable property, and\n(ii) which cannot be sold without that right being given up;\n(g) money market instruments, as defined in Article 2(1)(25A) of the markets in financial instruments regulation, that have a maturity of less than 12 months.\n(2) For the purposes of paragraph (1)(a)—\n(a) “collective investment undertaking other than the closed-end type” means unit trusts and investment companies with both of the following characteristics—\n(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\n(ii) their units are, at the holder’s request, repurchased or redeemed, directly or indirectly, out of their assets;\n(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.\n(3) In paragraph (1)(e), “qualifying body” means—\n(a) a charity, as defined by section 1(1) of the Charities Act 2011,\n(b) a body entered in the Scottish Charity Register,\n(c) a charity, as defined by section 35 of the Charities Act (Northern Ireland) 1964,\n(d) a housing association within the meaning of—\n(i) section 5(1) of the Housing Act 1985,\n(ii) section 1 of the Housing Associations Act 1985, or\n(iii) article 3 of the Housing (Northern Ireland) Order 1992, or\n(e) a registered society that is—\n(i) registered under the Co-operative and Community Benefit Societies Act 2014 as a community benefit society,\n(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,\n(iii) registered under section 1(1)(b) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, or\n(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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "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."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "2011. c. 25."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "See section 3 of the Charities and Trustee Investment (Scotland) Act 2005 (asp 10)."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1964 c. 33 (N.I.)."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1985 c. 68."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "1985 c. 69."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "S.I. 1992/1725 (N.I. 15)."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "2014 c. 14."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "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)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/6",
    "retrieved_at": "2026-10-30T14:42:14.980226+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}