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The Company Share

Legal Regulation and Public Policy

David Milman

In this accessible and insightful book David Milman examines the phenomenon of the company share in an holistic way, tracing the origins of the share and describing the diversity present within the family of shares. Using a comparative approach, key chapters consider the circumstances under which shares are acquired, the property law perspective relevant to shares and the rights and obligations of those who hold shares. The book concludes with some speculation on how the share might evolve in the future in the light of technological change and the development of other capital raising investments.
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General abbreviations explained

David Milman

ABI

Association of British Insurers

AIM

Alternative Investment Market

APA

asset purchase agreement

BIT

bilateral investment treaty

CCPS

cumulative convertible preference shares

CGT

Capital gains tax

CMA

Competition and Markets Authority (2014–)

CPR

Civil Procedure Rules

CREST

Certificateless Registry for Electronic Share Transfer

CVA

company voluntary arrangement

DBEIS

Department for Business, Energy and Industrial Strategy (from 2016)

DBERR

Department of Business, Enterprise and Regulatory Reform (2007–2009)

DBIS

Department of Business, Innovation and Skills (2009–2016)

DRIPs

dividend reinvestment plans

DTI

Department of Trade and Industry (1970–2007, previously Board of Trade)

ECHRFF

European Convention on Human Rights and Fundamental Freedoms (from 1953)

ESMA

European Securities and Markets Authority (from 2011)

ESOP

employee share ownership plan

EU

European Union

FATF

Financial Action Task Force (1989–)

FCA

Financial Conduct Authority (from 2013)

FMLC

Financial Markets Law Committee (from 2002, became a charity independent of Bank of England in 2013)

FRC

Financial Reporting Council (from 1990)

FSA

Financial Services Authority (1986–2013)

FSCS

Financial Services Compensation Scheme (from 2001)

FTSE

Financial Times Stock Exchange (index)

HMRC

Her Majesty’s Revenue and Customs

IA

The Investment Association

ICJ

International Court of Justice

ICO

initial coin offering

ICSID

International Centre for Settlement of Investment Disputes (from 1966)

IOSCO

International Organisation of Securities Commissions

IPO

initial public offering

IRC

Inland Revenue Commissioners

ISA

individual savings account

LLP

limited liability partnership (from 2001)

LSE

London Stock Exchange

Ltd

limited company (private)

MEIP

market economy investor principle

MiFID

Markets in Financial Instruments Directive

MiFIR

Markets in Financial Instruments Regulation

NAO

National Audit Office

NAPF

National Association of Pension Funds

NYSE

New York Stock Exchange

OECD

Organisation for Economic Co-operation and Development

OEIC

open-ended investment company

ONS

Office for National Statistics

PEP

personal equity plan

PFI

Private Finance Initiative

PIBS

permanent interest-bearing shares

PIRC

Pensions and Investment Research Consultants

Plc

public limited company

PSC

persons with significant control (register)

RBS

Royal Bank of Scotland

RIE

Recognised Investment Exchange

SAYE

save as you earn (‘sharesave’) (from 1980)

SEC

Securities and Exchange Commission (from 1934)

SEPON

Stock Exchange Pool Nominees

SFO

Serious Fraud Office

SI

Statutory Instrument (UK delegated legislation)

SIB

Securities and Investments Board (precursor of FSA)

SPA

share purchase agreement

TALISMAN

Transfer Accounting and Lodgement for Investors, Stock Management for Jobbers

TAURUS

Transfer and Automated Registration of Uncertificated Stock (1983–1993)

TFEU

Treaty on the Functioning of the European Union

TPR

The Pensions Regulator

TUPE

Transfer of Undertakings (Protection of Employment) Regulations

UKFI

UK Financial Investments Ltd (from 2008) (became subsidiary of UKGI in 2016)

UKGI

UK Government Investments Ltd (from 2016)

UNIDROIT

International Institute for the Unification of Private Law (from 1926)

USM

Unlisted Securities Market

WTO

World Trade Organization (from 1995)