Section 206
The following arrangements do not constitute a collective investment scheme-
of Securities Markets Order, 2013
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(a} an arrangement operated by a person other than by way of business;
{b)
an arrangement where each of the participants carries on a business other than a business concerned with dealing in, arranging deals, managing or advising on securities or investments and enters into the arrangement for commercial purposes related to that business;
(cJ an arrangement where each of the participants is a company in the same group as the management company of the undertaking;
(dj an arrangement where
(i)
each of the participants is a bona fide employee or former employee, or the wife, husband, widow, widower, child or step child under 18 years of such an employee or former
BRUNEI DARUSSALAM GOVERNMENT GAZETTE employee, of a company in the same group as the management company; and
the property to which the arrangement relates consists of shares or stock, debentures, loan stock, or any other instrument creating or acknowledging indebtedness or warrants or certificates conferring rights in relation to any such investment, in each case being an investment in or in a member of that group;
(e)
a franchise arrangement, namely an arrangement under which a person earns profits or income by exploiting a right conferred by the arrangements to use a trade mark or design or other intellectual property or the goodwill attached to it;
({)
an arrangement the predominant purpose of which is to enable persons participating in it to share in the use or enjoyment of a particular property or to make its use or enjoyment available gratuitously to other persons;
(g)
an arrangement under which the rights or interests of the participants consist of the benefit of certificates or other instruments conferring rights in relation to securities other than shares in an investment company;
(h)
a contract of insurance;
(i)
a pension scheme;
(j)
a closed-ended investment company which is established by the operator of another collective investment undertaking
(i)
for the purposes of holding investments, directly or indirectly, on behalf of that undertaking, or a series of collective investment undertakings established by a single sponsor to invest in parallel one with another (the owning undertakings);
and
the shares of which are not marketed to or otherwise available to any participant other than the owning undertakings;
(k)
a building society;
(l)
a co-operative society including funeral societies;
(mj a credit union.
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Interpretation.