Paragraph 7

(1)

An offer or allotment of a qualifying cryptoasset that—

(a)

is made to existing or former directors or employees—

(i)

by their employer,

(ii)

by an undertaking that is part of the same group as their employer, or

(iii)

by a person who, under an employee reward arrangement or proposed employee reward arrangement, holds or will hold the qualifying cryptoasset as trustee,

(b)

is issued by or on behalf of that employer, undertaking or person, and

(c)

includes or is accompanied by a statement containing the information on—

(i)

the number and nature of the qualifying cryptoassets, and

(ii)

the reason for, and details of, the offer or allotment.

(2)

In this paragraph, an “employee reward arrangement” means activity that is not within article 9T of the Regulated Activities Order (dealing in qualifying cryptoassets as principal) by virtue of the exclusion in article 9V(1)(e) of that Order (article 9T: other exclusions)^f1.

Annotations

Footnotes

f1: Article 9V is inserted by regulation 40(5) of this instrument.