Akademik

transferable security

For the purposes of the Financial Services and Markets Act 2000, anything which is a transferable security for the purposes of the Markets in Financial Instruments Directive (MiFID) other than money-market instruments for the purposes of that directive which have a maturity of less than 12 months. This covers those classes of securities which are negotiable on the capital market (except instruments of payment), such as:

• Shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares.

• Bonds or other forms of securitised debt, including depositary receipts in respect of such securities.

• Any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.