SCHEDULEARRANGEMENTS NOT AMOUNTING TO A COLLECTIVE INVESTMENT SCHEME
Certain employee share schemes I18
1
Arrangements do not amount to a collective investment scheme if they are operated by a person (“A”), a member of the same group as A or a relevant trustee for the purpose of enabling or facilitating—
a
transactions in shares in, or debentures issued by, A between, or for the benefit of, any of the persons mentioned in sub-paragraph (2); or
b
the holding of such shares or debentures by, or for the benefit of, any such persons.
2
The persons referred to in sub-paragraph (1) are—
a
the bona fide employees or former employees of A or of another member of the same group; or
b
the wives, husbands, widows, widowers, F1civil partners, surviving civil partners, or children or step-children under the age of eighteen of such employees or former employees.
3
For the purposes of this paragraph—
a
“shares” and “debentures” have the meaning given by article 71(6)(a) of the Regulated Activities Order:
b
“relevant trustee” means a person who, in pursuance of the arrangements, holds shares in or debentures issued by A.