# Financial Services Act 1986 (repealed), Paragraph 20

Extent: E+W+S+N.I.

(1) Paragraphs 12 , 13 and 13Aabove do not apply to anything done by a body corporate, a body corporate connected with it or a relevant trustee for the purpose of enabling or facilitating transactions in shares in or debentures of the first-mentioned body between or for the benefit of any of the persons mentioned in sub-paragraph (2) below or 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) above are—
(a) the bona fide employees or former employees of the body corporate or of another body corporate in the same group; or
(b) the wives, husbands, widows, widowers, or children or step-children under the age of eighteen of such employees or former employees.
(3) In this paragraph “a relevant trustee” means a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements made for the purpose mentioned in sub-paragraph (1) above by, or by a body corporate connected with, that body corporate.
(4) In this paragraph “shares” and “debentures” include any investment falling within paragraph 1 or 2 above and also include any investment falling within paragraph 4 or 5 above so far as relating to those paragraphs or any investment falling within paragraph 11 above so far as relating to paragraph 1, 2, 4 or 5.
(5) For the purposes of this paragraph a body corporate is connected with another body corporate if—
(a) they are in the same group; or
(b) one is entitled, either alone or with any other body corporate in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exercisable in all circumstances at any general meeting of the other body corporate or of its holding company.

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Source: https://www.legislation.gov.uk/ukpga/1986/60/schedule/1/paragraph/20 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-repealed/schedule-1/paragraph-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.