11. Rights treated as held by person who controls their exercise

(1) Where a person controls a right, the right is to be treated for the purposes of these Regulations 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 others, 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.