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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Legal English – Sommario delle Lezioni

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

• Legal English – Peter’s Pills – Lesson 85 – Sole Traders and Partnerships

• Legal English – Peter’s Pills – Lesson 84 – General English vs Legal English 2

• Legal English – Peter’s Pills – Lesson 83 – General English vs Legal English 1

• Legal English – Peter’s Pills – Lesson 82 – Next of kin

• Legal English – Peter’s Pills – Lesson 81 – File, Register and Enrol

• Legal English – Peter’s Pills – Lesson 80 – Securities

• Legal English – Peter’s Pills – Lesson 79 – Legatee vs Devisee

• Legal English – Peter’s Pills – Lesson 78 – Adverse possession

• Legal English – Peter’s Pills – Lesson 77 – Probate

• Legal English – Peter’s Pills – Lesson 76 – File a deed vs Record a deed

• Legal English – Peter’s Pills – Lesson 75 – Allotting shares, Issuing shares and Placing shares

• Legal English – Peter’s Pills – Lesson 74 – Personal Representatives

• Legal English – Peter’s Pills – Lesson 73 – Essential Elements of a Contract

• Legal English – Peter’s Pills – Lesson 72 – Types of cases: Cornerstone and Milestone cases

• Legal English – Peter’s Pills – Lesson 71 – Types of cases: Landmark cases

• Legal English – Peter’s Pills – Lesson 70 – Specific performance

• Legal English – Peter’s Pills – Lesson 69 – Wills

• Legal English – Peter’s Pills – Lesson 68 – Notice

• Legal English – Peter’s Pills – Lesson 67 – Bonds vs Debentures

• Legal English – Peter’s Pills – Lesson 66 – Person Persons People

• Legal English – Peter’s Pills – Lesson 65 – Financial Reporting Words

• Legal English – Peter’s Pills – Lesson 64 – Representations and Warranties

• Legal English – Peter’s Pills – Lesson 63 – Machine translations

• Legal English – Peter’s Pills – Lesson 62 – Legal Timelines

• Legal English – Peter’s Pills – Lesson 61 – Liens

• Legal English – Peter’s Pills – Lesson 60 – Test your Legal English

• Legal English – Peter’s Pills – Lesson 59 – Appurtenent vs In gross

• Legal English – Peter’s Pills – Lesson 58 – Building societies and Banks

• Legal English – Peter’s Pills – Lesson 57 – Valid, void and voidable contracts

• Legal English – Peter’s Pills – Lesson 56 – Rescission

• Legal English – Peter’s Pills – Lesson 55 – Golden expressions

• Legal English – Peter’s Pills – Lesson 54 – Pre-emption right vs Right of first refusal

• Legal English – Peter’s Pills – Lesson 53 – What do we mean by “agent” of a company?

• Legal English – Peter’s Pills – Lesson 52 – Voting at a meeting

• Legal English – Peter’s Pills – Lesson 51 – Contracts vs Deeds

• Legal English – Peter’s Pills – Lesson 50 – Executive and Non-Executive Directors

• Legal English – Peter’s Pills – Lesson 49 – Transfer of shares vs transmission of shares

• Legal English – Peter’s Pills – Lesson 48 – They, them, their for singular nouns

• Legal English – Peter’s Pills – Lesson 47 – Jointly and severally

• Legal English – Peter’s Pills – Lesson 46 – Invoice words

• Legal English – Peter’s Pills – Lesson 45 – Quotation

• Legal English – Peter’s Pills – Lesson 44 – Gazumping and Gazundering

• Legal English – Peter’s Pills – Lesson 43 – English words that the English do not understand

• Legal English – Peter’s Pills – Lesson 42 – Easement vs Profit à prendre

• Legal English – Peter’s Pills – Lesson 41 – er, -or and -ee names

• Legal English – Peter’s Pills – Lesson 40 – The Objects Clause

• Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?

• Legal English – Peter’s Pills – Lesson 38 – Default

• Legal English – Peter’s Pills – Lesson 37 – Company Agent

• Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)

• Legal English – Peter’s Pills – Lesson 35 – Mortgage

• Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates

• Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee

• Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance

• Legal English – Peter’s Pills – Lesson 31 – Numbers

• Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions

• Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM

• Legal English – Peter’s Pills – Lesson 28 – A going concern

• Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe

• Legal English – Peter’s Pills – Lesson 26 – Company meeting words

• Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee

• Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges

• Legal English – Peter’s Pills – Lesson 23 – Doctrine

• Legal English – Peter’s Pills – Lesson 22 – Construe

• Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute

• Legal English – Peter’s Pills – Lesson 20 – The closing statement

• Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails

• Legal English – Peter’s Pills – Lesson 18 – Limited companies

• Legal English – Peter’s Pills – Lesson 17 – Annual Accounts

• Legal English – Peter’s Pills – Lesson 16 – Meetings

• Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact

• Legal English – Peter’s Pills – Lesson 14 – Here and there compounds

• Legal English – Peter’s Pills – Lesson 13 – Subject Matter

• Legal English – Peter’s Pills – Lesson 12 – The clear days rule

• Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?

• Legal English: Peter’s Pills – Lesson 10 – Competition Law

• Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney

• Legal English: Peter’s Pills – Lesson 8 – Guardianship

• Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages