Regulation 6 Associates

(1)

For the purposes of regulation 5, a person mentioned in paragraphs (2) or (3) is an associate of an investor.

(2)

In relation to an individual, the persons are—

(a)

the spouse or civil partner of the individual;

(b)

a child or stepchild, if under 18, of the individual;

(c)

the trustee of any settlement under which the individual has a life interest (in England and Wales a life interest in possession); and

(d)

any entity of which the individual is a member and any subsidiary undertaking of that entity.

(3)

In relation to an entity, the persons are—

(a)

any member of the entity; and

(b)

any parent undertaking or subsidiary undertaking of that entity.

(4)

In paragraphs (2) and (3)—

(a)

the references to “member” are to be construed as—

(i)

in relation to a company, a holder of shares in the company;

(ii)

in relation to a limited liability partnership, a member;

(iii)

in relation to a partnership, a partner; and

(iv)

in relation to any other body or association, a member of that body or association;

(b)

“parent undertaking” and “subsidiary undertaking” have the meanings given to them in the Financial Services and Markets Act 2000^f1; and

(c)

“settlement” means any disposition or arrangement under which property is held on trust or subject to an equivalent obligation.

Annotations