715. Issue of certificates etc: allotment or transfer to financial institution

(1) A company—
(a) of which shares or debentures are allotted to a financial institution, or
(b) with which a transfer for transferring shares or debentures to a financial institution is lodged,
is not required in consequence of that allotment or transfer to comply with section 707(1) or 714(1) (duty of company as to issue of certificates etc).
(2) A "financial institution" means—
(a) a recognised clearing house acting in relation to a recognised investment market, or
(b) a nominee of—
(i) a recognised clearing house acting in that way, or
(ii) a recognised investment exchange,
designated for the purposes of this section in the rules of the recognised investment exchange in question.