Regulation 2 Interpretation

In these Regulations:

• “the Act” means the Trading Schemes Act 1996^f1;

• “advertisement” means any advertisement, document, prospectus, circular or notice, whether transmitted in electronic or any other form, which promotes a trading scheme;

• “the 1989 Regulations” means the Pyramid Selling Schemes Regulations 1989^f2;

• “the 1990 Regulations” means the Pyramid Selling Schemes (Amendment) Regulations 1990^f3;

• “participant” has the same meaning as in Part XI of the Fair Trading Act 1973^f4;

• “security” means a mortgage, charge, pledge, bond, debenture, indemnity, guarantee, bill, note or other right provided by the participant, or at his request (expressed or implied), to secure the carrying out of the obligations of the participant under an agreement referred to in regulation 4.

• “trading scheme” has the same meaning as in Part XI of the Fair Trading Act 1973.