(1) In this Order, an "unlisted company" means a body corporate the shares in which are not - (a) listed or quoted on an investment exchange whether in the United Kingdom or elsewhere; (b) shares in respect of which information is, with the agreement or approval of any officer of the company, published for the purpose of facilitating deals in the shares indicating prices at which persons have dealt or are willing to deal in them other than persons who, at the time the information is published, are existing members of a relevant class; or (c) subject to a marketing arrangement which accords to the company the facilities referred to in section 693(3)(b) of the 2006 Act.

(2) For the purpose of paragraph (1)(b), a person is to be regarded as a member of a relevant class if he was, at the relevant time -

(a) an existing member or debenture holder of the company;

(b) an existing employee of the company;

(c) a close relative of such a member or employee; or