CODEWORD

The Panel has approved a new class exemption in relation to registered charitable trusts. It exempts from rule 6(1) of the Code:

• every person appointed as a trustee of a registered charitable trust, in relation to any increase in their voting control in a Code company as a result of the appointment; and
• every trustee of a registered charitable trust, in relation to any increase in their voting control in a Code company as a result of a reduction in the number of trustees of the trust.

The exemption is subject to certain conditions, including that the trust is registered under the Charities Act 2005. It is designed to eliminate the need for individual exemptions from rule 6(1) for routine changes to trustees of registered charitable trusts. However, changes of trustees that fall outside the scope of the class exemption may still require an individual exemption.

The class exemption came into effect on 23 August 2019.