(1) The shares to which section 1277 applies are shares—
(a) of a description traded on a specified market, and
(b) in which the institution has, or is taken to have, an interest.
Regulations under that section may provide that the section does not apply to shares of a specified description.
(2) For this purpose an institution has an interest in shares if the shares, or a depositary certificate in respect of them, are held by it, or on its behalf.
A “depositary certificate” means an instrument conferring rights (other than options)—
(a) in respect of shares held by another person, and
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