(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
(b) the transfer of which may be effected without the consent of that person.
(3) Where an institution has an interest -
(a) in a specified description of collective investment scheme (within the meaning of the Financial Services and Markets Act 2000 (c. 8)), or
(b) in any other specified description of scheme or collective investment vehicle,
it is taken to have an interest in any shares in which that
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