(1) In these Regulations "relevant securities" means -
(a) transferable securities, other than excluded securities, and
(b) investments that -
(i) are of a kind specified for the purposes of section 22 of FSMA 2000 (regulated activities) as a result of article 77 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 [S.I. 2001/544. Article 77 was amended by S.I. 2010/86 and revoked in part by S.I. 2011/133.] (instruments creating or acknowledging indebtedness), but
(ii) are not transferable securities or excluded securities.
(2) In this regulation "excluded securities" has the meaning given in regulation 6.