(1) For the purposes of section 103(1), "issuer" has the meaning given in this regulation.

(2) In relation to certificates or other instruments falling within article 80 of the Regulated Activities Order (certificates representing certain securities), "issuer" means -

(a) [deleted]

(b) for all other purposes, the person who issued or is to issue the securities to which the certificates or instruments relate.

(3) In relation to any other securities, "issuer" means the person by whom the securities have been or are to be issued.