The Public Companies (Disclosure of Interests in Shares) (Investment Management Exclusion) Regulations 1988
These Regulations specify an interest in shares which is to be disregarded for the purposes of sections 198 to 202 of the Companies Act 1985. Those sections require the disclosure in certain circumstances of interests in shares comprised in certain share capital of public companies. The effect of these Regulations is that an interest in shares listed on the Stock Exchange, designated on its Unlisted Securities Market or traded under Rule 535(3) of its Rules need not be disclosed if the interest is held by a person authorised to carry on investment business under the Financial Services Act 1986 (regulation 3(b)), and if it arises only as a result of disposal powers conferred on him by an investment management agreement (regulation 3(c)).