15 Gennaio 2025

Legal English – Peter’s Pills – Lesson 86 – Traded, listed and quoted

Legal English for Notaries - By Federnotizie

Traded, listed and quoted

Transcript:

Hello!

In UK company law, the terms “traded,” “listed,” and “quoted” describe different contexts in which company securities (titoli) are made available to investors. Each term has distinct legal and practical implications..

Traded (scambiato/negoziato): This is the broadest term (termine più ampio), referring to securities bought and sold on a financial market. “Traded companies” are those whose shares are freely transferable and regularly exchanged on markets, including both regulated markets (e.g., the London Stock Exchange Main Market) and less-regulated platforms like the Alternative Investment Market (AIM). Traded companies are subject to specific statutory obligations (obblighi normativi), such as disclosure under the Companies Act 2006.

Listed: A “listed company” has its shares formally admitted to trading on a regulated market, which are overseen by the Financial Conduct Authority (FCA) under stringent (rigorose) UK listing rules which also include corporate governance standards and disclosure requirements (requisiti di divulgazione/trasparenza). Listing is a sign of prestige but imposes substantial regulatory burdens (oneri).

Quoted: The term “quoted company” is legally defined in section 385 of the Companies Act 2006. It refers to companies with equity securities (titoli azionari) included in the official list of a stock exchange, or admitted to trading on a regulated market in an EEA state (European Economic Area), the UK, or the US market. The key distinction is that a quoted company is subject to additional specific rules, such as shareholder voting thresholds for significant transactions.

So, while all listed companies are traded and quoted, not all traded or quoted companies are listed.

Thank you very much and see you next time for more Peter’s Pills to improve your Legal English!


Read more about securities here: “Handbook of Securities Statistics” (.PDF).

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