Section 925F | Interpretation of the repo sections ^F1

(1)This section applies for the purposes of sections 925A to 925E and this section.^F1

(2)“Arrangement” includes any agreement or understanding (whether or not legally enforceable).^F1

(3)It does not matter whether or not provision of any arrangement conferring a right or imposing an obligation on any person to buy any securities is subject to any conditions.^F1

(4)“Securities” means shares, stock or other securities issued by—^F1

(a)the government of the United Kingdom,^F1

(b)any public or local authority in the United Kingdom,^F1

(c)any UK resident company or other UK resident body,^F1

(d)a government or public or local authority of a territory outside the United Kingdom, or^F1

(e)any other body of persons not resident in the United Kingdom.^F1

(5)Securities are similar if they give their holders—^F1

(a)the same rights against the same persons as to capital, interest and dividends, and^F1

(b)the same remedies to enforce those rights.^F1

(6)Subsection (5) applies even if there is a difference in—^F1

(a)the total nominal amounts of the securities,^F1

(b)the form in which they are held, or^F1

(c)the manner in which they can be transferred.^F1

(7)If—^F1

(a)a person (“A”) buys securities (or has a right or obligation to buy securities), but^F1

(b)the securities are (or are to be) held for the benefit of another person (“B”),^F1

B (not A) is treated as buying (or having the right or obligation to buy) the securities.

(8)If—^F1

(a)a person (“C”) sells securities, but^F1

(b)the proceeds of the sale are held for the benefit of another person (“D”),^F1

D (not C) is treated as selling the securities.