Certain employee share schemes U.K.
8.—(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.
Textual Amendments
F1Words in Sch. para. 8(2)(b) inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), art. 1, Sch. 16 para. 3
Commencement Information
I1Sch. para. 8 in force 1.12.2001 see reg. 1 and S.I. 2001/3538, art. 2