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Miscellaneous securities
Practical Law UK Glossary 9-501-6124 (Approx. 4 pages)
Glossary
Miscellaneous securities
For the purposes of the Listing Rules, includes:
- Warrants being the investment specified in Article 79 of the Regulated Activities Order (SI 2001/544) (RAO). In summary, warrants entitling the holder to subscribe for a share, debenture, alternative debenture or government and public security) and options and other similar securities.
- Options being the investment specified in Article 83 of the RAO. In summary, an option to acquire or dispose of:
- a designated investment;
- currency of the UK or of another country;
- palladium, platinum, gold or silver;
- a commodity to which Article 83(2) and (4) of the RAO applies;
- a financial instrument in paragraph 10, Section C of Annex 1 to the MiFID II Directive (2014/65/EU) to which Article 83(3) and (4) of the RAO applies; or
- an option to acquire or dispose of an option specified in any of the above.
- Securities similar to the securities set out above.
Miscellaneous securities may have standard listing under LR 20 and exclude:
- Shares (being shares in the share capital of a company including equity shares, stock (except where a distinction between shares and stock is express or implied) and preference shares).
- Certificates representing debt securities.
- Convertible securities which convert to debt securities.
- Convertible securities which convert to equity securities.
- Convertible securities which are exchangeable for securities of another company.
- Certificates representing certain securities.
- Securitised derivatives.
When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of miscellaneous securities.