78A. Interpretation (Chapter 2)

(1) In this Chapter -

"central securities depository" or "CSD" has the same meaning as in the CSD Regulation;

"CSD Regulation" means Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014 [OJ No. L257, 28.08.2014, p.1] on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012;

"depository receipt" means a security which represents ownership of an underlying security and which can be traded independently of the underlying security;

"immobilisation" means the act of concentrating the location of securities in, or on behalf of, a CSD in a way that enables subsequent transfers of interests in those securities to be made by book entry;

"interest in securities" means - (a) any legal or equitable interest or right in, or in relation to, a security, (b) a depository receipt, (c) an indirect interest or right in, or in relation to, underlying

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