453 Recipients of money from conduit issuers

In section 451, a person (A) is a recipient of money from a conduit issuer if—

(a)

A is an associated person of another person (the conduit issuer); and

(b)

the conduit issuer raises an amount of money by the issue of financial products under—

(i)

a regulated offer; or

(ii)

an offer made, in the prescribed circumstances, in reliance upon an exclusion in Schedule 1; and

(c)

that money is raised as part of an agreement under which 75% or more of that money is provided, directly or indirectly and whether by 1 transaction or a series of transactions, for the use of—

(i)

A; or

(ii)

A and 1 or more third persons that are associated persons of A; and

(d)

the money that is provided to A under paragraph (c) is 10% or more of the money that is raised under paragraph (b); and

(e)

all or part of the money that is provided under paragraph (c) has not yet been repaid or returned to the conduit issuer.

Compare: 1993 No 106 s 4A

Section 453: replaced, on 1 April 2014, by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).