"personal portfolio IREF" means an IREF under the terms of which some or all of the IREF assets or IREF business may be, or was, selected or influenced by - (a) the unit holder, (b) a person acting on behalf of the unit holder, (c) a person connected with the unit holder, (d) a person connected with a person acting on behalf of the unit holder, (e) the unit holder and a person connected with the unit holder, or (f) a person acting on behalf of both the unit holder and a person connected with the unit holder.
(2) For the purposes of subsection (1) and without prejudice to the application of that subsection, the terms of an IREF shall be treated as permitting the selection referred to in that subsection where -
(a) the terms of that IREF or any other agreement between any person referred to in that subsection and that IREF -
(i) allow the exercise of an option by any person referred to in that subsection to make the selection referred to in that s
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