Section 778 | Issue of certificates etc: allotment or transfer to financial institution ^F1

(1)A company—

(a)of which shares or debentures are allotted to a financial institution,

(b)of which debenture stock is allotted to a financial institution, or

(c)with which a transfer for transferring shares, debentures or debenture stock to a financial institution is lodged,

is not required in consequence of that allotment or transfer to comply with section 769(1) or 776(1) (duty of company as to issue of certificates etc).

(2)A “financial institution” means—

(a)a recognised clearing house or a recognised CSD acting in relation to a recognised investment exchange, or^F2

(b)a nominee of—

(i)a recognised clearing house or a recognised CSD acting in that way, or^F2

(ii)a recognised investment exchange,

designated for the purposes of this section in the rules of the recognised investment exchange in question.

(3)Expressions used in subsection (2) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000 (c. 8).