PART VIExempt Communications: Certain Controlled Activities

Participation in employee share schemes60

1

The financial promotion restriction does not apply to any communication by a person (“C”), a member of the same group as C or a relevant trustee where the communication is for the purposes of an employee share scheme and relates to any of the following investments issued, or to be issued, by C—

a

investments falling within paragraph 14F2, 15 or 15A of Schedule 1;

b

investments falling within paragraph 17 or 18 so far as relating to any investments within sub-paragraph (a); or

c

investments falling within paragraph 21 or 27 so far as relating to any investments within sub-paragraph (a) or (b).

2

“Employee share scheme”, in relation to any investments issued by C, means arrangements made or to be made by C or by a person in the same group as C to enable or facilitate—

a

transactions in the investments specified in paragraphs (1)(a) or (b) between or for the benefit of—

i

the bona fide employees or former employees of C or of another member of the same group as C;

ii

the wives, husbands, widows, widowersF1, civil partners, surviving civil partners or children or step-children under the age of eighteen of such employees or former employees; or

b

the holding of those investments by, or for the benefit of, such persons.

3

“Relevant trustee” means a person who, in pursuance of an actual or proposed employee share scheme, holds as trustee or will hold as trustee investments issued by C.