453Recipients of money from conduit issuers

1. In section 451, a person (A) is a recipient of money from a conduit issuer if—

2. A is an associated person of another person (the conduit issuer); and
3. the conduit issuer raises an amount of money by the issue of financial products under—
   1. a regulated offer; or
   2. an offer made, in the prescribed circumstances, in reliance upon an exclusion in Schedule 1; and
4. that money is raised as part of an agreement under which 75% or more of that money is provided, directly or indirectly and whether by 1 transaction or a series of transactions, for the use of—
   1. A; or
   2. A and 1 or more third persons that are associated persons of A; and
5. the money that is provided to A under paragraph (c) is 10% or more of the money that is raised under paragraph (b); and
6. all or part of the money that is provided under paragraph (c) has not yet been repaid or returned to the conduit issuer.