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CG50256 - Definitions: stock exchange: quoted/unquoted: unlisted securities market

The USM was introduced in November 1980. The Board's SP18/80 explained that shares and securities dealt with on the USM did not fall to be treated as listed or quoted for tax purposes. The shares and securities would, however, satisfy the tests of being `authorised to be dealt in' and `dealt in (regularly, or from time to time)' on a recognised stock exchange.

The USM ceased to accept new entrants on 31 December 1994 and will be closed at the end of 1996.