CIR 2.1.17

An arrangement does not constitute a Collective Investment Fund if the arrangement is for the purposes of enabling or facilitating the operation of an employee compensation or reward scheme where the arrangement:

(a) makes Securities available only to:
(i) an Employee or former Employee of the Issuer or of another member of the same Group as the Issuer; or
(ii) a Close Relative of any such Employee; and
(b) is operated by the Issuer or by a member of the same Group as the Issuer or by a trustee who, in pursuance of the arrangements, holds the Securities issued by the Issuer for the benefit of any eligible Persons referred to in CIR Rule 2.1.17(a)(i) or (ii).
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]