Regulation 2 InterpretationI1

In these Regulations—

• “authorised corporate director” is the director referred to in regulation 15(6) of the Principal Regulations;

• F1“Authority” has the meaning given in regulation 2(1) of the Principal Regulations;

• “contract of employment” means a contract of service, whether express or implied, and (if it is express) whether oral or in writing;

• “employee” means an individual who has entered into or works under a contract of employment;

• “existing umbrella company” means an umbrella company in respect of which an authorisation order has been made prior to the date these Regulations come into force;

• “master agreement” means contractually agreed standard terms and conditions which form part, but not the whole, of the terms of one or more transactions or contracts between the parties to the agreement;

• “micro-business” has the meaning given in regulation 7;

• “the Principal Regulations” means the Open-Ended Investment Companies Regulations 2001^f1.