The issuance of one’s own security tokens where these are equivalent to shares ordebentures does not usually require permission and issuers of security tokens will notbe regulated in the way that exchanges and advisers are regulated. However, despite thefact that issuers of these tokens don’t usually need be to authorised to issue their owntokens, in the course of promoting their issuance, they may be advising on investmentsor carrying on other activities that may require permission. If an issuer is issuing financialinstruments which are admitted to trading on a European venue it must comply with allapplicable rules in the FCA’s Handbook and any relevant provisions in applicable EuropeanUnion legislation, including the Prospectus Directive and Commission Regulation, andthe Market Abuse Regulation, amongst others, some of which are outlined in Table 1 inthe Perimeter Guidance chapter.