r.9 Rights treated as held by person who controls their exercise

(1) For the purposes of these regulations, where a person controls a right, the right shall be treated as held by that person and not by the person who in fact holds the right, unless that person also controls it.
(2) A person controls a right if, by virtue of any arrangement between that person and other person or persons, the right is exercisable only —
(a) by that person;
(b) in accordance with that person's directions or instructions; or
(c) with that person's consent or concurrence.