OpenLegislation

Article 501 Interpretation of the 1995 RegulationsI1

United Kingdom

(1)

Regulation 2 of the Public Offers of Securities Regulations 1995 (interpretation) is amended as follows.

(2)

In paragraph (1) of that regulation—

(a)

in the definition of “the Act” for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”;

(b)

in the definition of “body corporate” for “section 207(1)” substitute “section 417(1)”;

(c)

in the definition of “convertible securities” for sub-paragraphs (i) and (ii) substitute—

“(i)

instruments creating or acknowledging indebtedness of a kind which can be converted into or exchanged for, or which confer rights to acquire, securities;

(ii)

instruments giving entitlements to securities; or

(iii)

certificates representing securities;”;

(d)

for the definition of “credit institution” substitute—

  • ““credit institution” means a credit institution as defined in Article 1 of Directive 2000/12/EC of the European Parliament and of the Council;”;

(e)

in the definition of “director” for “section 207(1)” substitute “section 417(1)”;

(f)

the definition of “ecu”f1 is revoked;

(g)

the definition of “European institution” is revoked;

(h)

for the definition of “financial institution” substitute—

  • ““financial institution” means a financial institution as defined in Article 1 of the Directive 2000/12/EC of the European Parliament and of the Council;”;

(i)

for the definition of “group” substitute—

  • ““group”, in relation to a body corporate (“A”) means A and any other body corporate which is—

    1. (i)

      a subsidiary of A,

    2. (ii)

      a holding company of A, or

    3. (iii)

      a subsidiary of such a holding company;”;

(j)

the definition of “home-regulated investment business” is revoked; and

(k)

in the definition of “recognised investment exchange” for “section 207(1)” substitute “section 285”.

(3)

After paragraph (1) of that regulation insert—

“(1A)

Paragraphs (i), (ii) and (iii) of the definition of “convertible securities” in paragraph (1) above, together with regulations 3(2) and (5), 7(2)(f),(n), 8(4) and (5), and 9(4) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.

Annotations

Commencement

I1

Art. 501 in force at 1.12.2001, see art. 1

Footnotes

f1

This definition of “Ecu” (which refers to a definition of the term in the Financial Services Act 1986) is redundant, by virtue of Article 2 of Council Regulation 947/98/EC which replaces the Ecu with the euro. Article 1 of Council Regulation 1103/97/EC has the effect that every reference in a legal instrument to the Ecu is replaced by a reference to the Euro, at the rate of one euro to one Ecu. Where “Ecu” is not defined in any such instrument, it is presumed to mean “Ecu” as defined in Regulation 3320/94/EC.