Regulation 8 Contents of application: shares not admitted to trading at time of application

(1)

This regulation applies if at the time the application is made the shares making up the applicant’s ordinary share capital (or, if there are such shares of more than one class, those of each class) are not admitted to trading on a regulated market.

(2)

If this regulation applies, the application—

(a)

for the purposes of regulation 6(2)(d), may include a copy of the applicant’s prospectus instead of the current published investment policy, and

(b)

must explain how the applicant will be in a position to comply with condition B in section 1158(3) of CTA 2010 by the specified date.

(3)

The applicant must provide evidence to the Commissioners that the shares making up the applicant’s ordinary share capital (or, if there are such shares of more than one class, those of each class) are admitted to trading on a regulated market—

(a)

before the end of a period of 60 days beginning with the date on which the shares were so admitted, or

(b)

by such other date as the Commissioners may agree.