Warrants being the investment specified in Article 79 of the Regulated Activities Order (SI 2001/544) (RAO). In summary, warrants entitling the holder to subscribe for a share, debenture, alternative debenture or government and public security) and options and other similar securities.
Options being the investment specified in Article 83 of the RAO. In summary, an option to acquire or dispose of:
a designated investment;
currency of the UK or of another country;
palladium, platinum, gold or silver;
a commodity to which Article 83(2) and (4) of the RAO applies;
a financial instrument in paragraph 10, Section C of Annex 1 to the MiFID II Directive (2014/65/EU) to which Article 83(3) and (4) of the RAO applies; or
an option to acquire or dispose of an option specified in any of the above.
Securities similar to the securities set out above.
Shares (being shares in the share capital of a company including equity shares, stock (except where a distinction between shares and stock is express or implied) and preference shares).
Convertible securities which convert to equity securities.
Convertible securities which are exchangeable for securities of another company.
Certificates representing certain securities.
Securitised derivatives.
When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of miscellaneous securities.