Exempt principal trader

An exempt principal trader is a principal trader who is recognised by the Panel as an exempt principal trader for the purposes of the Code.

NOTES ON EXEMPT FUND MANAGER AND EXEMPT PRINCIPAL TRADER

1. Fund managers and principal traders must apply to the Panel in order to seek the relevant exempt status and will have to comply with any requirements imposed by the Panel as a condition of its granting such status.

2. When a principal trader or fund manager is connected with the offeror or offeree company, exempt status is not relevant unless the sole reason that it is a connected principal trader or a connected fund manager is that it is controlled# by, controls or is under the same control as a connected adviser to:

   1. the offeror;

   2. the offeree company; or

   3. a person acting in concert with the offeror (for example as a result of being an investor in a consortium) or with the offeree company.

   References in the Code to exempt principal traders or exempt fund managers should be construed accordingly. (See also Rule 7.2.)

   #See the Note on Definitions at the end of the Definitions Section.

3. The effect of a principal trader or fund manager having exempt status is that presumption (6) of the definition of acting in concert will not apply. However, the principal trader or fund manager will still be regarded as connected with the offeror or offeree company, as appropriate. Connected exempt principal traders, but not connected exempt fund managers, must comply with Rule 38. Connected exempt principal traders and connected exempt fund managers must comply with the relevant provisions of Rule 8.

4. In appropriate cases, a fund manager based overseas may be granted special exempt status subject to its satisfying certain conditions. References in the Code to exempt fund managers (with the exception of those in Rule 8.6) include such special exempt fund managers, subject always to the conditions on which such special exempt status is granted in any particular case.

5. In appropriate cases, a fund manager or principal trader may be granted exempt status on an ad hoc basis subject to the satisfaction of certain conditions. References in the Code to an exempt principal trader or an exempt fund manager include a person granted such ad hoc exempt status, for so long as such status remains valid and subject always to the conditions on which such status is granted in any particular case.