Section 16(10)

In this regulation— “investment services” means— the reception and transmission of orders in relation to one or more financial instruments, the execution of orders on behalf of clients, dealing on own account, portfolio management, the provision of investment advice, the underwriting of financial instruments or placing of financial instruments on a firm commitment basis, the placing of financial instruments without a firm commitment basis, or any service in relation to the admission to trading on a regulated market or trading on a multilateral trading facility; “money-market instrument” means an instrument of a kind normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers, excluding instruments of payment; “non-UK country” means a country that is not the United Kingdom; “transferable security” means a security, negotiable on the capital market, of any of the following kinds, but excluding instruments of payment— 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 purchase or sell any security of a kind mentioned in paragraph (a) or (b).

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Source: legislation.gov.uk · retrieved 2026-08-30