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Regulation 3 Business relationships

Original text. Later amendments are not shown.

(1)

Any reference in this regulation to an arrangement between two or more persons is a reference to an arrangement in which at least one person is acting in the course of a business.

(2)

For the purposes of these Regulations, “business relationship” means any arrangement between two or more persons where—

(a)

the purpose of the arrangement is to facilitate the carrying out of transactions between the persons concerned on a frequent, habitual or regular basis; and

(b)

the total amount of any payment or payments to be made by any person to any other in the course of that arrangement is not known or capable of being ascertained at the time the arrangement is made.