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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

share

      1. (1) (except in51 COLL 51 , LR3449,4948 DTR 48 ,76 REC 49 , SUP 11 (Controllers and close links) and SUP 16 (Reporting requirements)) the investment, specified in article 76 of the Regulated Activities Order (Shares etc), which is in summary: a share or stock in the share capital of:
        1. (a) any body corporate (wherever incorporated);
        1. (b) any unincorporated body constituted under the law of a country or territory outside the United Kingdom.
      1. (2) (in51 COLL 51 ):
        1. (a) (in relation to an ICVC) a share in the ICVC (including both smaller denomination shares and larger denomination shares);
        1. (b) (otherwise) an investment within (1).5
      1. (3) (in48 DTR 48 and LR34, and in FEES where relevant to48 DTR 48 or LR38) (in accordance with section 566081540(1) of the Companies Act 200681) a share in the share capital of a company, and includes: 30
        1. (a) stock (except where a distinction between shares and stock is express or implied);67
        1. (b) preference shares; and
        1. (c) in chapters 4, 567, 6 and 767 of DTR a convertible share.48
      1. (4) (in REC) shares admitted to trading on a regulated market.49
      1. (5) (in SUP 11 (Controllers and close links) and SUP 16 (Reporting requirements)) (in accordance with section 422 of the Act):
        1. (a) in relation to an undertaking with share capital, allotted shares;
        1. (b) in relation to an undertaking with capital but no share capital, rights to share in the capital of the undertaking;
        1. (c) in relation to an undertaking without capital, interests:
          1. (i) conferring any right to share in the profits, or liability to contribute to the losses, of the undertaking; or
          1. (ii) giving rise to an obligation to contribute to the debts or expenses of the undertaking in the event of a winding up.76