# The Public Offers and Admissions to Trading Regulations 2023, Regulation 6: Meaning of “excluded securities” in regulation 5


(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, 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,
(b) a body entered in the Scottish Charity Register,
(c) a charity, as defined by section 35 of the Charities Act (Northern Ireland) 1964,
(d) a housing association within the meaning of—
(i) section 5(1) of the Housing Act 1985,
(ii) section 1 of the Housing Associations Act 1985, or
(iii) article 3 of the Housing (Northern Ireland) Order 1992, or
(e) a registered society that is—
(i) registered under the Co-operative and Community Benefit Societies Act 2014 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, 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.

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Source: https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/6 (the official version)
Page: https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.