Sch. 7A.9

(1)A regulated participant must prepare a report under this paragraph in respect of each controlled transaction entered into by him which is a recordable transaction.
(2)For the purposes of this paragraph a controlled transaction is a recordable transaction-
(a)if the value of the transaction is more than £7,500( where the regulated participant is a members association) or £1,500( in any other case), or
(b)if the aggregate value of it and any other controlled benefit or benefits accruing to the regulated participant-
(i)from the same person and in the same calendar year, and
(ii)in respect of which no report has been previously made under this paragraph,
is more than £7,500( where the regulated participant is a members association) or £1,500( in any other case).
(3)A controlled benefit is-
(a)a controlled donation within the meaning of paragraph 1(3) of Schedule 7;
(b)a controlled transaction.
(4)A controlled benefit which is a controlled donation accrues-
(a)from the permissible donor (within the meaning of section 54(2) or (2A)) who made it, and
(b)when it is accepted by the donee.
(5)A controlled benefit which is a controlled transaction accrues-
(a)from any authorised participant who is a party to it, and
(b)when it is entered into.
(6)For the purposes of this paragraph, if-
(a)the value of a controlled transaction as first entered into is such that it is not a recordable transaction, but
(b)the terms of the transaction are subsequently varied in such a way that it becomes a recordable transaction,
the regulated participant must be treated as having entered into a recordable transaction on the date when the variation takes effect.
(7)A regulated participant must deliver the report prepared in accordance with sub-paragraph (1) to the Commission within the period of 30 days beginning with-
(a)if sub-paragraph (2)(a) applies, the date on which the transaction is entered into;
(b)if sub-paragraph (2)(b) applies, the date on which the benefit which causes the aggregate amount to exceed £7,500 or (as the case may be) £1,500.
(8)Each report prepared in accordance with sub-paragraph (1) must-
(a)give the name and address of the regulated participant, and
(b)if he is the holder of a relevant elective office, specify the office in question.
(9)Each such report must also give-
(a)such information as is required to be given, in the case of a report prepared in accordance with section 71M, by virtue of paragraphs 2, 2A and 5(2) and (3) of Schedule 6A;
(b)in relation to a controlled transaction of a description mentioned in paragraph 2(1) or (2) above, such information as is required to be given, in the case of a report prepared in accordance with that section, by virtue of paragraph 6 of that Schedule;
(c)in relation to a controlled transaction of a description mentioned in paragraph 2(3)(b) above, such information as is required to be given, in the case of a report prepared in accordance with that section, by virtue of paragraph 7 of that Schedule;
(d)the date on which the transaction is entered into;
(e)such other information as is required by regulations made by the Commission.
(10)In the application of paragraphs 2, 2A 5(2) and (3), 6 and 7 of Schedule 6A in accordance with sub-paragraph (9) above-
(a)any reference to a recordable transaction within the meaning of that Schedule must be construed as a reference to a recordable transaction within the meaning of this paragraph;
(b)any reference to section 71G or section 71F(4)(a) must be construed as a reference to paragraph 3 above or paragraph 2(3)(a) above;
(c)any reference to a regulated transaction or a registered party within the meaning of that Schedule must be construed as a reference to a controlled transaction or a regulated participant within the meaning of this paragraph;
(d)any reference to a transaction report within the meaning of that Schedule must be construed as a reference to a report under this paragraph.