UCC

See ‘Uniform Commercial Code’.

UK Listing Authority

The FSA in its function as competent authority in the UK and regulator of companies whose securities are traded on the Official List of the London Stock Exchange. See ‘Financial Services Authority’.

ULOE

See ‘Uniform Limited Offering Exemption’.

Underwriter

In a firm commitment offering, a person (typically an investment banking firm) that purchases an entire security issue for resale to the public in a public offering.

Underwriter’s Warrants

Warrants sometimes granted to underwriters as a form of additional compensation in a public offering, typically in a smaller, higher risk offering.

Underwriting Agreement

The document pursuant to which the underwriters of a public offering contractually commit to purchase from the issuer the securities that are the subject of the public offering (or, in a best efforts offering, in which they agree to use best efforts to sell the securities). Also called a ‘placing agreement’ in some countries.

Underwriting Discount or Commission or Spread

The difference between the price at which underwriters buy securities from the issuer in a firm commitment public offering and the public offering price.

Uniform Commercial Code (UCC)

(USA) Set of laws regulating commercial transactions, especially ones involving the sale of goods and secured transactions.

Uniform Limited Offering Exemption (ULOE)

(USA) An exemption provided by many states of the USA from the registration requirements of state blue sky laws for non-public offerings of securities. It substantially parallels the requirements of Regulation D under the Securities Act of 1933. See ‘Blue Sky Law’ and ‘Regulation D’.

Unit

A security consisting of two separate securities bundled together, for example one share of stock plus a warrant.

Unqualified Opinion

An accountant’s opinion on financial statements in which no limitation is expressed beyond customary assumptions and conditions. See ‘Qualified Opinion’.